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Issues: Whether weighted deduction under section 35B of the Income-tax Act, 1961 was allowable in respect of premium paid to the Export Credit Guarantee Corporation.
Analysis: The first referred question concerning deduction in respect of service charges was not pressed and was therefore not decided. On the remaining question, the Court noticed that several High Courts had held that premium paid to the Export Credit Guarantee Corporation qualified for weighted deduction under section 35B. The referred question was answered on that basis.
Conclusion: The assessee was held entitled to weighted deduction under section 35B in respect of the premium paid to the Export Credit Guarantee Corporation, and the answer was rendered in favour of the assessee and against the Department.
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