https://www.taxtmi.com/caselaws?id=9748 The High Court of Allahabad affirmed the allowance of deduction under section 80HHC of the Income-tax Act for an assessee partnership firm for the assessment year 1986-87. The court upheld the Commissioner's decision that the required reserve had been validly created by the assessee, even if not initially reflected in the balance-sheet. Relying on legal precedents, including CIT v. Modi Spinning and Weaving Mills Co. Ltd., the court emphasized the importance of compliance with reserve creation requirements and allowed for such compliance to be fulfilled during assessment proceedings. The judgment favored the assessee, ensuring adherence to statutory provisions in tax matters. en-us Fri, 15 Apr 2005 00:00:00 +0530 Tue, 30 Jun 2009 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9748 The High Court of Allahabad affirmed the allowance of deduction under section 80HHC of the Income-tax Act for an assessee partnership firm for the assessment year 1986-87. The court upheld the Commissioner's decision that the required reserve had been validly created by the assessee, even if not initially reflected in the balance-sheet. Relying on legal precedents, including CIT v. Modi Spinning and Weaving Mills Co. Ltd., the court emphasized the importance of compliance with reserve creation requirements and allowed for such compliance to be fulfilled during assessment proceedings. The judgment favored the assessee, ensuring adherence to statutory provisions in tax matters. Case-Laws Income Tax Fri, 15 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9748