https://www.taxtmi.com/caselaws?id=281537 A statutory transfer to a reserve fund under section 67 of the Gujarat Co-operative Societies Act, 1961 was treated as an appropriation of profits rather than a charge to the profit and loss account, so it was not allowable as revenue expenditure. By contrast, breed improvement expenses and co-operative development expenses, incurred to improve productivity, quality, efficiency, and milk supply, were regarded as revenue in nature and allowable on the basis of the Tribunal's earlier view in the assessee's own case. The material distinction was between a non-deductible profit appropriation and business expenditure incurred in the ordinary course to enhance operations. en-us Thu, 02 Aug 2018 00:00:00 +0530 Sun, 23 Jun 2019 07:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281537 A statutory transfer to a reserve fund under section 67 of the Gujarat Co-operative Societies Act, 1961 was treated as an appropriation of profits rather than a charge to the profit and loss account, so it was not allowable as revenue expenditure. By contrast, breed improvement expenses and co-operative development expenses, incurred to improve productivity, quality, efficiency, and milk supply, were regarded as revenue in nature and allowable on the basis of the Tribunal's earlier view in the assessee's own case. The material distinction was between a non-deductible profit appropriation and business expenditure incurred in the ordinary course to enhance operations. Case-Laws Income Tax Thu, 02 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281537