https://www.taxtmi.com/caselaws?id=350643 Contribution transferred to the reserve fund under cooperative law was treated as part of the society's own assets and retained for its own purposes, so it was neither diverted by an overriding title nor excluded on a real income basis. On that reasoning, the amount was not allowable as a deduction in computing taxable business income. The Court also held that no substantial question of law arose from the Tribunal's deletion of the disallowance. en-us Tue, 03 Oct 2017 00:00:00 +0530 Wed, 08 Nov 2017 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350643 Contribution transferred to the reserve fund under cooperative law was treated as part of the society's own assets and retained for its own purposes, so it was neither diverted by an overriding title nor excluded on a real income basis. On that reasoning, the amount was not allowable as a deduction in computing taxable business income. The Court also held that no substantial question of law arose from the Tribunal's deletion of the disallowance. Case-Laws Income Tax Tue, 03 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350643