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<h1>Contingency reserve excluded from assessable income by High Court ruling</h1> The High Court of Patna ruled in favor of the assessee, holding that the contingency reserve should not be included in the total assessable income for the ... Income, Real Income The High Court of Patna ruled in favor of the assessee regarding the inclusion of the contingency reserve in the total assessable income for the assessment years 1971-72 and 1972-73. The Tribunal was correct in its decision, following earlier Division Bench rulings. The references were answered against the Revenue, and no costs were awarded. The judgment will be transmitted to the Assistant Registrar, Income-tax Appellate Tribunal, Patna.
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