1998 (8) TMI 73

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..... stance of the assessee, the Tribunal has sought for opinion of the High Court on the following two questions of law referable to the assessment year 1980-81: "1. Whether, on the facts and in the circumstances of the case, the amount of Rs. 1,31,910 representing sale value of nominations obtained against import entitlements is assessable as income from business? 2. Whether, on the facts and in .....

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..... , in favour of the Revenue and against the assessee. So far as question No. 2 is concerned, the question itself suggests that the expenditure was incurred within the country and on the movement of the goods within the country. Such an expenditure is not entitled to weighted deduction under section 35B of the Income-tax Act, as it stood at the relevant time. (see CIT v. Hero Cycles Pvt. Ltd. [199 .....

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