Held, dismissing the appeal, that the Tribunal was right in holding that, there had been no diversion of income under the 1961 Act, by overriding charge in respect of amount transferred to statutory reserve fund in compliance with the mandatory provisions of section 45-IC read with section 45Q of the 1934 Act, and  the amount transferred by the assessee to the reserve fund in compliance with the provisions of the 1934 Act was not an allowable deduction under section 37 of the 1961 Act.(AY. 2006-07)