2000 (10) TMI 13 - HC - Income Tax

Summary

The High Court of Madras ruled that only the fee paid to the Export Promotion Council for providing export market development information was eligible for weighted deduction under section 35B for the assessment year 1979-80. The court also stated that a new ground can be raised in appeal if based on available facts, but in this case, the claim for interest paid to the bank on export bill discounted was not accepted.