Madras High Court held that the amount transferred to the statutory reserve as mandated under the provisions of the RBI Act, is not an allowable deduction in computing the assessable income under the ...
Conclusion- Held that the CIT (A), following the decision of the Hon’ble Gujarat High Court in the case of the Ahmedabad Urban Development Authority (AUDA), had correctly allowed the assessee’s appeal ...
Bombay High Court held that no case has been made by any of the petitioners to bypass the statutory alternate remedies. Accordingly, petition dismissed on account of available alternative remedies.