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1991 (2) TMI 39 - BOMBAY HIGH COURTExtract: .......e of CIT v. South India Insurance Co. Ltd. 1992 193 ITR 774 (Appex.), we hold that neither the taxation reserve nor the general reserve can be considered to be an allowance or an expenditure. In view thereof, the second question need not be answered. The third question is answered in the negative and in favour of the assessee. No order as to costs.
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