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of <h1>Bank interest on packing credit not eligible for tax deduction</h1> The High Court of Madras held that bank interest paid on packing credit within India is not eligible for weighted deduction under section 35B of the ... Export Market Development Allowance, Weighted Deduction The High Court of Madras considered whether bank interest paid on packing credit within India is eligible for weighted deduction under section 35B of the Income Tax Act, 1961. The court referred to a previous case and held that such interest is not eligible for deduction. The decision favored the revenue and awarded costs of Rs. 750. (Case: 1998 (2) TMI 21 - MADRAS High Court)
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