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2015 (6) TMI 143 - BOMBAY HIGH COURT

2015 (6) TMI 143 - BOMBAY HIGH COURT - TMI - Eligibility 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, .....

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ncome Tax Act, 1961, then in force, of the Commissioner of Income Tax requiring the Tribunal to refer the following question of law. That question of law arises out of the order of the Tribunal dated 23rd May, 1988 in Income Tax Appeal 42/(Bom)/1985 : "Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the interest paid on packing credit is eligible for export market development allowance u/s. 35B of the I.T. Act ?" 2. The assessee-res .....

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e by the A.O. However, the Commissioner only directed that expenditure on entertainment of foreign customers should be considered for weighted deduction. Before the Tribunal, the assessee raised a claim for weighted deduction on packing credit which the Tribunal allowed following a judgment of the High Court of Madhya Pradesh in the case of Commissioner of Income Tax vs. Vippy Solvex Pvt. Ltd. (1986) 159 ITR 487. It is in these circumstances that on 9th October, 1989 the Tribunal drew up a state .....

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