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1988 (12) TMI 4 - BOMBAY HIGH COURTExtract: .......st 27, 1981. Following that judgment, the first question before us is answered thus Neither the taxation reserve nor the general reserve can be considered to be an allowance or an expenditure. In the circumstances, the second question does not arise. The third question is answered in the negative and in favour of the assessee. No order as to costs.
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