https://www.taxtmi.com/circulars?id=4590 Circular No.189 clarifies that the Supreme Court decision in Indian Overseas Bank supersedes only the Board's earlier instruction that certain statutory reserves could stand as a development rebate reserve. The Board affirms that the prior positions that no statutory reserve is required when income before rebate is a loss, and that genuine non-deliberate deficiencies may be condoned if rectified by creating an adequate reserve in the assessment year, remain operative; field officers' broader withdrawal of those positions was incorrect. en-us Fri, 30 Jan 1976 00:00:00 +0530 Thu, 31 Jul 2008 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4590 Circular No.189 clarifies that the Supreme Court decision in Indian Overseas Bank supersedes only the Board's earlier instruction that certain statutory reserves could stand as a development rebate reserve. The Board affirms that the prior positions that no statutory reserve is required when income before rebate is a loss, and that genuine non-deliberate deficiencies may be condoned if rectified by creating an adequate reserve in the assessment year, remain operative; field officers' broader withdrawal of those positions was incorrect. Circulars Income Tax Fri, 30 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4590