https://www.taxtmi.com/caselaws?id=70693 Transfer of profits to a statutory reserve fund was treated as application of income, not diversion by overriding title, because the amount remained under the assessee's control; the deduction was therefore disallowed. Additional finance charges were retained in income on the basis of consistency, as the earlier Tribunal view in the assessee's own case had not been reversed; the deletion was sustained. Provision for bad debts and diminution in investment value was held to represent asset diminution rather than an unascertained liability, so it could not be added back to book profits; the adjustment was rejected. en-us Fri, 06 Feb 2009 00:00:00 +0530 Wed, 20 Apr 2016 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70693 Transfer of profits to a statutory reserve fund was treated as application of income, not diversion by overriding title, because the amount remained under the assessee's control; the deduction was therefore disallowed. Additional finance charges were retained in income on the basis of consistency, as the earlier Tribunal view in the assessee's own case had not been reversed; the deletion was sustained. Provision for bad debts and diminution in investment value was held to represent asset diminution rather than an unascertained liability, so it could not be added back to book profits; the adjustment was rejected. Case-Laws Income Tax Fri, 06 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70693