Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 702 - HC - Income TaxEntitlement to claim weighted deduction under Section 35B denied - Held that:- As noted whatever may have been the position under Section 35B as it existed prior to 1-4-1978, with effect from that day and till subsection (1A) remained on the statute book, the requirement of law to claim this deduction was that the assessee must be an exporter of goods or provider of technical knowhow to a person outside India and the expenditure must be incurred for such export of goods or provision of knowhow to a person outside India. The Supreme Court, in case of Stepwell Industries Ltd (1997 (8) TMI 5 - SUPREME Court ), had no occasion to deal with the provisions of Subsection (1A) introduced in the Act. The judgment in the case of Stepwell Industries Ltd, thus, offers no assistance to the assessee in the present case. The assessee's case clearly falls within the Assessment Year 1979-80 and it is covered by the provisions of subsection (1A). In the premises, there is no infirmity in the orders of the authorities below. Question of law as framed by the Tribunal is, accordingly, answered in the affirmative, that is to say, in favour of the Revenue and against the Assessee.
|