https://www.taxtmi.com/caselaws?id=17205 The court held that the reserve for deficit stock could not be included in the income of the assessee as it was not proven to be an actual loss. The Tribunal found that the reserves created were not allowable deductions as they were not backed by actual losses in stock. The court emphasized that deductions for losses must be supported by evidence of actual loss in the account books. Therefore, the Tribunal's decision to disallow the deduction for the reserve for deficit stock was upheld. en-us Thu, 09 Jan 1997 00:00:00 +0530 Tue, 15 Sep 2009 18:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17205 The court held that the reserve for deficit stock could not be included in the income of the assessee as it was not proven to be an actual loss. The Tribunal found that the reserves created were not allowable deductions as they were not backed by actual losses in stock. The court emphasized that deductions for losses must be supported by evidence of actual loss in the account books. Therefore, the Tribunal's decision to disallow the deduction for the reserve for deficit stock was upheld. Case-Laws Income Tax Thu, 09 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17205