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2015 (6) TMI 143 - HC - Income TaxEligibility for export market development allowance u/s. 35B - interest paid on packing credit - Held that:- The question of law is answered in favour of the Revenue and against the assessee. The weighted deduction cannot be granted on the interest paid on packing credit. Mere obtaining of a packing credit loan or payment of interest thereon in India cannot be said to entail the performance of any service outside India. This expenditure is, therefore, not deductible. See KEC International Ltd. vs. Commissioner of Income Tax, Central Range-II (2009 (1) TMI 5 - BOMBAY HIGH COURT)- Decided against assesse.
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