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TMI Blog2012 (8) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 256(1) of the Income Tax Act 1961 ("the Act") and it relates to the assessment year 1980-81 arising out of Income Tax Appeal No.1886/Bom/84. 2) When the matter was called out the respondent-assessee was absent. We find from the record that no appearance has been filed in court on its behalf even though they were served with a copy of the statement of case in the present reference ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 81, the respondentassessee had claimed the benefit of weighted deduction under Section 35(B) of the Act inter alia in respect of interest paid by it on packing credit loan obtained by it from its bankers for fulfilment of its export obligation/order. The Income Tax Appellate Tribunal by its order dated 27/12/1990 allowed the claim of the respondent-assessee for weighted deductions under Section-35 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... packing credit is not paid in respect of any services rendered outside India and consequently would not stand covered within the ambit of Section 35B(1) (b)(viii) of the Act. 6) This Court in the matter of KEC International Ltd. (supra) concurred with the decisions rendered by the Madras High Court in the matter of Lucas TVS Ltd. v. CIT (1996) 217 ITR 382 and the Andhara Pradesh High Court in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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