https://www.taxtmi.com/caselaws?id=397853 The tribunal allowed the appeal of the assessee, ruling that the upward adjustments made by the assessing officer under clauses (j) and (f) of Explanation 1 to section 115JB were not justified. It emphasized that the capital reserve created under the scheme of amalgamation should not be treated as a revaluation reserve and that the loss on mutual funds should not be considered as expenditure for the purpose of section 115JB. en-us Mon, 27 Jul 2020 00:00:00 +0530 Wed, 07 Oct 2020 16:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397853 The tribunal allowed the appeal of the assessee, ruling that the upward adjustments made by the assessing officer under clauses (j) and (f) of Explanation 1 to section 115JB were not justified. It emphasized that the capital reserve created under the scheme of amalgamation should not be treated as a revaluation reserve and that the loss on mutual funds should not be considered as expenditure for the purpose of section 115JB. Case-Laws Income Tax Mon, 27 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397853