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1985 (4) TMI 108 - AT - Income TaxExtract: .......year. As admittedly, the amount transferred to the reserve fund has not come out of the total income of the previous year, as computed under the 1961 Act, it cannot be excluded from such total income under rule 1 of the First Schedule. The assessee s claim for exclusion of the amount has, therefore, to fail. 9. In the result, the appeal is allowed.
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