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Issues:
1. Assessment of weighted deduction under section 35B 2. Exclusion of income from overseas branches from total income assessable in India Analysis: 1. Assessment of weighted deduction under section 35B: The appeal before the High Court pertained to the assessment year 1981-82 and primarily focused on the question of weighted deduction under section 35B. The Assessing Officer initially rejected the assessee's claim for deduction under this section, but the Commissioner of Income-tax (Appeals) acknowledged the entitlement to such deduction. The Income-tax Appellate Tribunal considered various contentions and determined the eligibility for weighted deduction on specific expenses. Notably, the Tribunal disagreed with certain aspects of the Commissioner's findings and directed the Assessing Officer to recompute the weighted deductions for the assessee in accordance with the law for the relevant assessment years. 2. Exclusion of income from overseas branches: The Tribunal also addressed the issue raised by the assessee regarding the exclusion of income from its overseas branches in Singapore and Japan from the total income assessable to tax in India for the assessment year 1981-82. Grounds of appeal were presented seeking the exclusion of income from these branches, which were previously covered in favor of the assessee in earlier orders by the I.T.A.T. Following the precedent set by those orders, the Tribunal allowed the exclusion of income from the Singapore and Japan branches for the assessment year in question. In conclusion, the High Court dismissed the appeal, emphasizing that the questions related to the weighted deduction had been adequately addressed, and the benefit granted to the assessee for income from overseas branches had been accepted by the Revenue. The judgment underscored that the matter of weighted deduction was the primary concern, and other issues regarding overseas income exclusion had already been settled in favor of the assessee.
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