https://www.taxtmi.com/caselaws?id=234677 The Tribunal ruled in favor of the assessee, holding that the transfer of reserves to the capital account did not constitute income generation. The Tribunal emphasized that Section 80HHC did not prohibit such transfers and distinguished between reserves and debit balances in the capital account. Consequently, the Tribunal overturned the AO's addition of Rs.8,14,073, granting relief to the appellant and allowing the appeal. en-us Fri, 31 May 2013 00:00:00 +0530 Sat, 22 Jun 2013 18:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234677 The Tribunal ruled in favor of the assessee, holding that the transfer of reserves to the capital account did not constitute income generation. The Tribunal emphasized that Section 80HHC did not prohibit such transfers and distinguished between reserves and debit balances in the capital account. Consequently, the Tribunal overturned the AO's addition of Rs.8,14,073, granting relief to the appellant and allowing the appeal. Case-Laws Income Tax Fri, 31 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234677