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TMI Blog1988 (10) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... on export packing credit and medium term export post-shipment credit. Following the decision of the Madhya Pradesh High Court reported in CIT vs. Vippy Solvex Products Pvt. Ltd. (1985) 47 CTR (MP) 441 : (1986) 159 ITR 487 (MP) and in the Special Bench decision of the Tribunal in Samir Diamonds Exports (P) Ltd. vs. ITO (1988) 30 TTJ (Bom) (SB) 562 : (1988) 25 ITD 73 (Bom) (SP) we shall allow the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods dealt in by the assessee. It is further submitted by the assessee in this connection that for the asst. yr. 1980-81, the assessee had claimed weighted deduction under s. 35B in respect of expenditure incurred by way of stamp charges on export documents. The stamps in question were those which were affixed on the bills of Exchange which were later discounted with the banks in India. The Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim has been advanced under s. 35B(1)(b)(viii) of the IT Act and it has also been contended that such expenditure was necessary for the execution of the contract outside India. It has to be borne in mind that it is not every expenditure that is connected with exports that would be eligible for weighted deduction under s. 35B of the IT Act. Where exports have already been made and expenditure has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f under s. 80J by the ITO. We find that the ITO has proceeded in accordance with the provisions of s. 80J as amended by the Finance (No.2) Act, of 1980. The provisions have retrospective effect and the validity of the amendment has been upheld by the Supreme Court in the case of Lohia Machines Ltd. & Anr. vs. Union of India & Ors. (1985) 44 CTR (SC) 328 : (1985) 152 ITR 308 (SC). On these facts, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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