https://www.taxtmi.com/caselaws?id=33345 The Court held that the Tribunal's order was not legally sustainable and ruled in favor of the assessee against the Revenue. The decision was based on the understanding that reserve creation was not mandatory in years of losses, aligning with the amendment's purpose to facilitate reserve creation in profitable years. Therefore, the appeal was allowed in favor of the assessee regarding the interpretation of section 32A(4)(ii) of the Income-tax Act, 1961. en-us Fri, 04 Jan 2008 00:00:00 +0530 Wed, 06 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33345 The Court held that the Tribunal's order was not legally sustainable and ruled in favor of the assessee against the Revenue. The decision was based on the understanding that reserve creation was not mandatory in years of losses, aligning with the amendment's purpose to facilitate reserve creation in profitable years. Therefore, the appeal was allowed in favor of the assessee regarding the interpretation of section 32A(4)(ii) of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 04 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33345