https://www.taxtmi.com/caselaws?id=31787 Deletion of the addition for alleged extra milk price paid to member co-operative societies was upheld because the issue had already been decided in the assessee's favour in the immediately preceding year. The transfer of profits to the reserve fund under section 67 of the Gujarat Co-operative Societies Act, 1962 was not treated as diversion of income at source by overriding title, since the statutory setting apart of profits did not divest the assessee of income and the fund remained available for business use. It was also not allowable as business expenditure. The first issue was answered for the assessee, and the reserve-fund issue for the Revenue. en-us Mon, 10 Mar 2008 00:00:00 +0530 Wed, 10 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31787 Deletion of the addition for alleged extra milk price paid to member co-operative societies was upheld because the issue had already been decided in the assessee's favour in the immediately preceding year. The transfer of profits to the reserve fund under section 67 of the Gujarat Co-operative Societies Act, 1962 was not treated as diversion of income at source by overriding title, since the statutory setting apart of profits did not divest the assessee of income and the fund remained available for business use. It was also not allowable as business expenditure. The first issue was answered for the assessee, and the reserve-fund issue for the Revenue. Case-Laws Income Tax Mon, 10 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31787