https://www.taxtmi.com/caselaws?id=211797 The Supreme Court upheld the ITAT's decision to delete the adjustment made by the AO concerning the Redemption of Debentures Reserve, stating that a Debenture Redemption Reserve should be treated as monies set apart to meet a known liability, not as a reserve. The Court emphasized that the labeling of a Debenture Redemption Reserve as a reserve does not alter its nature as a provision for a known liability. Additionally, the Tribunal's decision to delete the disallowance of capital expenditure incurred for the Steel Division at Nashik was upheld based on precedents from previous assessment years, with no substantial question of law arising. en-us Tue, 20 Mar 2012 00:00:00 +0530 Tue, 04 Aug 2026 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211797 The Supreme Court upheld the ITAT's decision to delete the adjustment made by the AO concerning the Redemption of Debentures Reserve, stating that a Debenture Redemption Reserve should be treated as monies set apart to meet a known liability, not as a reserve. The Court emphasized that the labeling of a Debenture Redemption Reserve as a reserve does not alter its nature as a provision for a known liability. Additionally, the Tribunal's decision to delete the disallowance of capital expenditure incurred for the Steel Division at Nashik was upheld based on precedents from previous assessment years, with no substantial question of law arising. Case-Laws Income Tax Tue, 20 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211797