https://www.taxtmi.com/caselaws?id=119718 The Tribunal allowed the appeal of the State Financial Corporation regarding the determination of deduction allowable under section 36(1)(viii) of the Income-tax Act, 1961. The Tribunal held that the creation of a special reserve, not its maintenance, was required for the relevant assessment year. As the amendments requiring maintenance were effective from a later date, the assessee's creation of a reserve of Rs. 2,75,44,217 satisfied the pre-condition for the deduction. The AO was directed to allow the deduction as claimed by the assessee. en-us Mon, 01 Jan 2007 00:00:00 +0530 Thu, 12 Jul 2012 17:08:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119718 The Tribunal allowed the appeal of the State Financial Corporation regarding the determination of deduction allowable under section 36(1)(viii) of the Income-tax Act, 1961. The Tribunal held that the creation of a special reserve, not its maintenance, was required for the relevant assessment year. As the amendments requiring maintenance were effective from a later date, the assessee's creation of a reserve of Rs. 2,75,44,217 satisfied the pre-condition for the deduction. The AO was directed to allow the deduction as claimed by the assessee. Case-Laws Income Tax Mon, 01 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119718