1998 (11) TMI 110 - HC - Income Tax

Summary

The High Court of Punjab and Haryana addressed the issue of whether certain payments made by an assessee for commission and subscriptions qualified for deduction under section 35B of the Income-tax Act, 1961. The Assessing Officer initially denied the deduction, but the Commissioner of Income-tax (Appeals) allowed it. The Tribunal upheld the Commissioner's decision. However, in line with a Supreme Court ruling in CIT v. Stepwell Industries Ltd., the High Court ruled against the assessee, stating that the payments did not qualify for deduction under section 35B.