1999 (5) TMI 5 - SCH - Income Tax

Whether on the facts and in the circumstances of the case the Tribunal was justified in holding that the assessee-company was entitled to export markets development allowance under section 35B(1)(b) in respect of expenditure incurred for foreign indenting business even though the services in this connection were rendered in India - High Court was not justified in holding that assessee-company was entitled to export markets development allowance under section 35B(1)(b)

Summary

The Supreme Court allowed the appeal and ruled in favor of the Revenue regarding the entitlement to export markets development allowance under section 35B(1)(b) for expenditure incurred for foreign indenting business. The Court cited a previous judgment in CIT v. Stepwell Industries Ltd. [1997] 228 ITR 171 to support its decision.