https://www.taxtmi.com/caselaws?id=276756 Amounts carried to an investment reserve fund are deductible under rule 30 only where the reserve corresponds to actual depreciation or actual loss on securities, because the rule contemplates expenditure in the character of amounts genuinely written off for earning business profits. A reserve created at directors' discretion to meet merely apprehended future contingencies does not satisfy that test. Read with rule 25 and section 10(2)(xii), the provision was construed as requiring actual, not anticipated, depreciation or loss, and the later schedule provision did not change that position for the relevant assessment year. en-us Mon, 12 Mar 1945 00:00:00 +0630 Fri, 16 Nov 2018 17:50:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276756 Amounts carried to an investment reserve fund are deductible under rule 30 only where the reserve corresponds to actual depreciation or actual loss on securities, because the rule contemplates expenditure in the character of amounts genuinely written off for earning business profits. A reserve created at directors' discretion to meet merely apprehended future contingencies does not satisfy that test. Read with rule 25 and section 10(2)(xii), the provision was construed as requiring actual, not anticipated, depreciation or loss, and the later schedule provision did not change that position for the relevant assessment year. Case-Laws Income Tax Mon, 12 Mar 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=276756