9911796707
TMI Blog1990 (5) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the weighted deduction under section 35B of the Income-tax Act, 1961, was not allowable on the following export promotion expenses: (a )Export inspection charges paid to Export Inspection Agency ₹ 22,200 (b)Bank charges paid for negotiation of Export Bills ₹ 12,420 3. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee's claim for allowance of ₹ 21,82,764 on account of interest payable under the Deferred Payment Scheme, was not admissible during the relevant accounting year 1979-80? 4. Whether, on the facts and in the circumstances of the case, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Tribunal in the assessee's own case in respect of earlier assessment year, a copy of which has been annexed to the statement of case. 7. After considering the previous year's case, the Tribunal observed as follows: "In the instant case, as we have found earlier the lease agreement pertaining to the diesel generating set expired on 30-11-1974. The lease was not renewed or could not be renewed due to the lock out declared in the factory premises of Industrial Plants Ltd. The assessee admittedly did not receive any hire charges on account of the generating set leased out to Industrial Plants Ltd. in the assessment year 1979-80. Due to the declaration of lock out, the assessee was prevented from operating the diesel gener ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee in its business of leasing out generating sets. Therefore, the claim of the assessee has to be allowed. Accordingly, question No. 4 is to be answered in the negative and in favour of the assessee. 9. In view of the above, the questions referred to are answered as follows: Question No. 1 is answered in the affirmative and in favour of the revenue. Question No. 2 is answered as follows: 2 (a) is answered in the negative and in favour of the assessee; 2 (b) is answered in the affirmative and in favour of the revenue. Answer to question No. 3 is declined. Question No. 4 is answered in the negative and in favour of the assessee. 10. There will be no order as to costs. Banerjee, J.-I agree. Other Information Partly in favour o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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