https://www.taxtmi.com/caselaws?id=18360 The High Court of MADHYA PRADESH ruled in favor of the assessee in a case concerning the treatment of a reserve fund created from sales for the construction of a molasses tank. The court held that the reserve fund, a statutory obligation under the Molasses Control Order, should be deductible from the income of the assessee and not considered as part of the profit for taxation purposes. Emphasizing the statutory nature of the fund and drawing parallels with previous cases, the court upheld the Tribunal's decision, rejecting the Revenue's argument to include the reserve fund in the assessee's income. en-us Fri, 09 Feb 1996 00:00:00 +0530 Wed, 30 Sep 2009 13:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18360 The High Court of MADHYA PRADESH ruled in favor of the assessee in a case concerning the treatment of a reserve fund created from sales for the construction of a molasses tank. The court held that the reserve fund, a statutory obligation under the Molasses Control Order, should be deductible from the income of the assessee and not considered as part of the profit for taxation purposes. Emphasizing the statutory nature of the fund and drawing parallels with previous cases, the court upheld the Tribunal's decision, rejecting the Revenue's argument to include the reserve fund in the assessee's income. Case-Laws Income Tax Fri, 09 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18360