1986 (9) TMI 66 - HC - Income Tax

Summary

The High Court of Punjab and Haryana dismissed the Revenue's application for a reference under section 256(1) of the Income-tax Act, 1961 regarding weighted deduction on commission paid by an assessee to M/s. Singh & Co. and M/s. Handicraft Handloom Export Corporation. The Court found that the assessee, a registered firm with an Export House Certificate, met the conditions for exemption under section 35B(1)(b) based on instructions from the Central Board of Direct Taxes. The petition was dismissed without costs.