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TMI Blog1997 (2) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... nstance of the assessee, in relation to the assessment year 1974-75, the following questions have been referred for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, was correct in law in holding that the provisions of section 144B of the Income-tax Act, 1961, were applicable to the case ? 2. Whether, on the facts an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence Nos. 111 and 112 of 1983 : In respect of the assessment years 1976-77 and 1977-78, the questions referred for the opinion of this court are as follows : " 1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to weighted deduction under section 35B of the Income-tax Act, 1961, on outward carriage representing freight charges from Indian ports to foreign p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vary the income returned by more than Rs. 1 lakh are procedural, they apply even in relation to the assessment years prior to January 1, 1976, with regard to those assessments which had not been completed. It has further been held that once the provisions of section 144B can be invoked in relation to an assessment the period of limitation has to be computed applying Explanation 1 (iv) to section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) expenditure on carriage or transit insurance of such goods, wherever incurred, is allowable. In this view it was held that the assessee was not entitled to weighted deduction in respect of freight and insurance. We are in respectful agreement with the opinion expressed in this decision. Accordingly question No. 3 is also answered in the affirmative, in favour of the Revenue and against the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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