2002 (11) TMI 18 - HC - Income Tax

Whether, assessee was entitled to weighted deduction under section 35B on sales made in India though against the foreign currency in the assessment year 1976-77? - the entire expenditure on which the assessee had claimed weighted deduction was incurred in India on sales effected in India Thus, the question referred is answered in the negative, i.e., in favour of the Revenue and against the assessee.

Summary

The High Court of Delhi ruled that the assessee was not entitled to weighted deduction under section 35B for sales made in India against foreign currency in the assessment year 1976-77. The court cited previous decisions and dismissed the Revenue's appeal, answering the question in favor of the Revenue and against the assessee.