https://www.taxtmi.com/caselaws?id=70693 The appeals filed by the assessees and the Revenue were dismissed. The assessees' claims for deductions for amounts transferred to a statutory reserve were disallowed as an appropriation of profits, not deductible expenses. The Revenue's challenge regarding the computation of income and the addition of provisions for bad debts and diminution in value of investments to book profits was decided in favor of the assessee, following relevant legal precedents. The Tribunal upheld the decisions of the CIT(A) and dismissed the appeals. 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 The appeals filed by the assessees and the Revenue were dismissed. The assessees' claims for deductions for amounts transferred to a statutory reserve were disallowed as an appropriation of profits, not deductible expenses. The Revenue's challenge regarding the computation of income and the addition of provisions for bad debts and diminution in value of investments to book profits was decided in favor of the assessee, following relevant legal precedents. The Tribunal upheld the decisions of the CIT(A) and dismissed the appeals. Case-Laws Income Tax Fri, 06 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70693