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1996 (4) TMI 32 - HC - Income TaxExtract: .......y pointed out the amount appropriated to the contingent reserve, which is set apart to meet possible exigencies is not a provision for known existing liabilities and, therefore, it is not deductible as business expenditure. In that view of the matter, we answer question No. 2 referred to us in the negative and in favour of the Department. No costs.
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