Development of export market - exemption u/s 35B

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ng expenditure under specified heads for development of export markets are entitled to a weighted deduction in an amount equal to one and one-thirds times the amount of the qualifying expenditure. One of the heads of expenditure as specified in section 35B(1)(b)(iii), as originally enacted, was that incurred on distribution, supply or provision outside India of the goods, services or facilities de .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... taken into account for the purposes of the weighted deduction. This shows that the Income-tax Officer had not taken note of the retrospective amendment made in section 35B of the Income-tax Act by the Finance Act, 1970. 3. It will also be relevant to note that a new Explanation 2 has been inserted in section 35B(1) of the Income-tax Act by the finance Act, 1973, retrospectively, from 1st April, .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion in cases where expenditure incurred by the assessee is found to have been wrongly taken into account for the purpose of the deduction under section 35B. A compliance report indicating the number of cases checked, number of cases in which mistakes were noted, remedial action taken and the tax effect in such cases, may please be sent to the Board by the 15th September, 1973. 5. The consequenti .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X