https://www.taxtmi.com/caselaws?id=441785 Statutory outgoings compulsorily transferred to district unions and the balance of the statutory reserve fund were treated as diverted by overriding title and therefore not taxable in the assessee's hands; the related additions were deleted. The record also recognised that computerisation expenditure, once actually incurred and capitalised, did not justify an immediate revenue deduction, but depreciation was allowable on the capitalised amount; the reserve created for future computerisation was not an allowable deduction. A duplicate addition for advance tax and TDS was to be removed to the extent it had already been added back in computation. Interest earned on reserve funds placed with Apex Bank remained taxable in the assessee's hands, and that addition was sustained. en-us Thu, 10 Aug 2023 00:00:00 +0530 Wed, 16 Aug 2023 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441785 Statutory outgoings compulsorily transferred to district unions and the balance of the statutory reserve fund were treated as diverted by overriding title and therefore not taxable in the assessee's hands; the related additions were deleted. The record also recognised that computerisation expenditure, once actually incurred and capitalised, did not justify an immediate revenue deduction, but depreciation was allowable on the capitalised amount; the reserve created for future computerisation was not an allowable deduction. A duplicate addition for advance tax and TDS was to be removed to the extent it had already been added back in computation. Interest earned on reserve funds placed with Apex Bank remained taxable in the assessee's hands, and that addition was sustained. Case-Laws Income Tax Thu, 10 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441785