2001 (10) TMI 85

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..... , as it stood during the relevant assessment year, the assessment year being 1988-89, reads thus: "Provided further that an amount equal to the amount of the deduction under this sub-section is debited to the profit and loss account of the previous year in respect of which deduction is to be allowed and credited to a reserve account to be utilised for the purposes of the business of the assessee .....

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..... sion, was rejected in appeal, but was accepted by the Tribunal on further appeal. The correctness of that view is sought to be called into question in this appeal. We do not find any substance in the Revenue's contention that in order to claim the benefit under section 80HHC of the Income-tax Act, the deduction claimed under the section should have been credited to special reserve account creat .....

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