https://www.taxtmi.com/caselaws?id=247512 The High Court dismissed the Tax Appeal, affirming the Tribunal's decision that Section 41(1) of the Income Tax Act did not apply to the provisions written back by the National Dairy Development Board (NDDB). The Court held that since the NDDB did not receive any tax benefit from making the provisions during the tax-exempt period, the provisions written back did not give rise to income under Section 41(1). This outcome provided a clear interpretation of the tax treatment of the provisions involved in the case. en-us Tue, 06 May 2014 00:00:00 +0530 Wed, 14 May 2014 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247512 The High Court dismissed the Tax Appeal, affirming the Tribunal's decision that Section 41(1) of the Income Tax Act did not apply to the provisions written back by the National Dairy Development Board (NDDB). The Court held that since the NDDB did not receive any tax benefit from making the provisions during the tax-exempt period, the provisions written back did not give rise to income under Section 41(1). This outcome provided a clear interpretation of the tax treatment of the provisions involved in the case. Case-Laws Income Tax Tue, 06 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247512