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2008 (3) TMI 297 - GUJARAT HIGH COURTWhether Tribunal was right in law in holding that the amount transferred by Co-operative society to reserve fund u/s 67 of Gujarat Co-operative Societies Act, 1961 was not a diversion of income at source by overriding title – Held, yes - Tribunal was right in law in holding that the transfer to reserve fund cannot be treated as a business expenditure and allowed deduction under section 28/37 of the Income-tax Act, 1961
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