https://www.taxtmi.com/caselaws?id=214252 The High Court held that the assessee was not entitled to deduction of amounts withdrawn from the revaluation reserve in computing book profit under section 115JA. The Court emphasized that reserves must be created out of the profits of the company and impact the profit and loss account to qualify for deductions. The Tribunal's decision allowing the deduction was set aside, and the tax case appeal was allowed with no costs. en-us Mon, 22 Aug 2011 00:00:00 +0530 Mon, 25 Jun 2012 09:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214252 The High Court held that the assessee was not entitled to deduction of amounts withdrawn from the revaluation reserve in computing book profit under section 115JA. The Court emphasized that reserves must be created out of the profits of the company and impact the profit and loss account to qualify for deductions. The Tribunal's decision allowing the deduction was set aside, and the tax case appeal was allowed with no costs. Case-Laws Income Tax Mon, 22 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214252