2001 (10) TMI 85 - HC - Income Tax

Summary

The High Court of Madras ruled that creating a special reserve account was not required to claim benefits under section 80HHC of the Income-tax Act. The Revenue's argument was rejected, and the court emphasized that the credit should be made to a reserve account used for the business of the assessee. The appeal was dismissed with costs of Rs.2,000 to be paid by the Revenue.