https://www.taxtmi.com/caselaws?id=13028 The High Court held that the deduction under section 80HHC of the Income-tax Act is limited to the reserve amount created in the profit and loss account of the previous year. The Court ruled in favor of the Revenue, affirming that the assessee is entitled to deduction only up to the extent of the reserve created in the prior year, in accordance with the provisos of section 80HHC. The interpretation aligned with the statutory provisions, rejecting the argument that the entire business income should be eligible for deduction without a corresponding reserve creation. en-us Tue, 13 Nov 2001 00:00:00 +0530 Tue, 26 May 2009 10:23:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13028 The High Court held that the deduction under section 80HHC of the Income-tax Act is limited to the reserve amount created in the profit and loss account of the previous year. The Court ruled in favor of the Revenue, affirming that the assessee is entitled to deduction only up to the extent of the reserve created in the prior year, in accordance with the provisos of section 80HHC. The interpretation aligned with the statutory provisions, rejecting the argument that the entire business income should be eligible for deduction without a corresponding reserve creation. Case-Laws Income Tax Tue, 13 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13028