1998 (2) TMI 21 - HC - Income Tax

Summary

The High Court of Madras considered whether bank interest paid on packing credit within India is eligible for weighted deduction under section 35B of the Income Tax Act, 1961. The court referred to a previous case and held that such interest is not eligible for deduction. The decision favored the revenue and awarded costs of Rs. 750. (Case: 1998 (2) TMI 21 - MADRAS High Court)