2001 (2) TMI 64 - HC - Income Tax

Summary

The High Court of Madras ruled against the assessee on the issue of weighted deduction under section 35B for packing credit. The Court held that the eligibility of the assessee to claim the benefit of section 80HH depends on establishing a new industrial undertaking, remanding the matter back to the Income-tax Officer for further assessment. The Court found that the Tribunal's order on the rectification petition was not proper based on the findings in the appeal.