TMI Blog2012 (8) TMI 400X X X X Extracts X X X X X X X X Extracts X X X X ..... n the ambit of Section 35B(1) (b)(viii). See KEC International Ltd. Vs. CIT (2009 (1) TMI 5 - BOMBAY HIGH COURT) - Decided in favor of Revenue. - INCOME TAX REFERENCE NO.181 OF 1997 - - - Dated:- 3-8-2012 - S.J.VAZIFDAR M.S. SANKLECHA, JJ. Mr.Suresh Kumar for the Applicant. JUDGMENT ( Per M.S. SANKLECHA, J.): This is a reference under Section 256(1) of the Income Tax Act 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibunal was right in law in allowing the claim of the assessee u/s. 35(B) of the Income Tax Act, on interest on packing credit paid to bank for export orders secured by the assessee? 4) The respondent assessee is inter alia engaged in the business of manufacture, sale and export of plastic and polyester articles/films. For the assessment year 1980-81, the respondentassessee had claimed the benefi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C International Ltd. Vs. Commissioner of Income Tax reported in (2010) 322 ITR 465 In the above case, the question framed for the opinion of this court was identical to that in the present reference namely allowability of weighted deduction under Section 35(B) of the Act with regard to interest paid on export packing credit facility. This interest on packing credit is not paid in respect of any se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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