https://www.taxtmi.com/caselaws?id=26000 The High Court held that the deductions claimed by the co-operative society for reserves for deficit in jail stock and deficit stock were not allowable as losses had not been established or written off during the relevant accounting year. The court relied on the principle that losses must be realized and written off to be claimed as deductions, citing legal precedent. The court affirmed the Tribunal's decision against the assessee, denying the deductions and ordering payment of costs to the Revenue. The request for leave to appeal to the Supreme Court was also rejected. en-us Wed, 03 Aug 1983 00:00:00 +0530 Tue, 02 Feb 2010 11:52:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26000 The High Court held that the deductions claimed by the co-operative society for reserves for deficit in jail stock and deficit stock were not allowable as losses had not been established or written off during the relevant accounting year. The court relied on the principle that losses must be realized and written off to be claimed as deductions, citing legal precedent. The court affirmed the Tribunal's decision against the assessee, denying the deductions and ordering payment of costs to the Revenue. The request for leave to appeal to the Supreme Court was also rejected. Case-Laws Income Tax Wed, 03 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26000