https://www.taxtmi.com/caselaws?id=70463 The Appellate Tribunal dismissed the departmental appeal, affirming the allowance of investment reserve under section 32A of the Income-tax Act, 1961 for the assessment year 1978-79. It held that creating the reserve before assessment satisfied the statutory requirement, criticizing the authorities' strict approach in disallowing rectification for total omissions. The decision emphasized the importance of permitting rectifications for genuine mistakes and ensuring assessees receive legitimate deductions, in line with Circular No. 189 dated 3-1-1976, promoting a fair and consistent application of the law. en-us Sat, 16 Jan 1982 00:00:00 +0530 Sat, 16 Apr 2011 13:03:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70463 The Appellate Tribunal dismissed the departmental appeal, affirming the allowance of investment reserve under section 32A of the Income-tax Act, 1961 for the assessment year 1978-79. It held that creating the reserve before assessment satisfied the statutory requirement, criticizing the authorities' strict approach in disallowing rectification for total omissions. The decision emphasized the importance of permitting rectifications for genuine mistakes and ensuring assessees receive legitimate deductions, in line with Circular No. 189 dated 3-1-1976, promoting a fair and consistent application of the law. Case-Laws Income Tax Sat, 16 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70463