https://www.taxtmi.com/caselaws?id=16142 The High Court of Madras ruled that the reserve for deficit stock should be included in the income of a cooperative and marketing society for the assessment year 1971-72. The court held that unless a loss in stocks is proven in the year of account and a reserve is created for that loss, no deduction can be claimed. The court upheld its previous decision and dismissed the appeal, affirming that the reserve for deficit stock must be included in the society's income. en-us Mon, 13 Oct 1997 00:00:00 +0530 Tue, 01 Sep 2009 13:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16142 The High Court of Madras ruled that the reserve for deficit stock should be included in the income of a cooperative and marketing society for the assessment year 1971-72. The court held that unless a loss in stocks is proven in the year of account and a reserve is created for that loss, no deduction can be claimed. The court upheld its previous decision and dismissed the appeal, affirming that the reserve for deficit stock must be included in the society's income. Case-Laws Income Tax Mon, 13 Oct 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16142