Thank you for your prompt attention Pedro.
I have tried what you've mentioned, except sign out from iCloud as I had to agree to delete my iCal from mac, with no option to delete iCloud calendar instead.
This is due to when I noticed iCal was not syncing with iCloud, I've changed my iPad & iPhone setting to sync with mac, as majority of entries are made on my mac and iPad.
As nothing was solved, I've contacted applecare support for help.
To cut a long story short, they couldn't help ether and couldn't tell me what doused this. Whole section took 3hours, and worst of all, the final advise was I am to input all missing entries manually. Saving grace was that version of most recent calendar was saved on iPad.
I got passed through 3 support personnel and if first support guy have suggested I'd backup my ical before getting me to logout from iCloud on my mac, I think it might have worked out. first two support people were not there at all for solving this and it was such a pity that I couldn't get to the third guy first.
Here is what I ended up doing.
Logout from iCloud on your mac, saving old calendar on iPad by leaving iPad on airplane mode, so that it does not sync with iCloud
Download software TouchCopy, which costs about $30.
Quit iTunes and open TouchCopy to extract details you need from iPad. Remembering not to let iPad sync with iCloud when you turn airplane mode off by clicking x quickly on iTunes.
Go through details in iCal using different calendar buttons to make it to your final version
At least all my 3 devises are in sync now and I have turned off "on my mac" part of iCal.
I hope Apple will workout what is causing this soon, as I've noticed there are a quite few people out there with same issue.