Weighted deduction under section 35B upheld for export-related payments, following the assessee's earlier reference

Weighted deduction under section 35B was held available for payment made to the Export Credit Guarantee Corporation, because the Court followed its earlier view in the assessee's own prior reference on the same point. The same binding reasoning was applied again, so no different conclusion was warranted on this issue. The question relating to office rent was also part of the reference, but the text only records the affirmative answer in favour of the assessee and against the Revenue.

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Issues: Whether the assessee was entitled to weighted deduction under section 35B of the Income-tax Act, 1961 on the payment made to the Export Credit Guarantee Corporation and on office rent.

Analysis: The question referred had already been considered in the assessee's own earlier reference for a prior assessment year, where the Court had held that the payment made to the Export Credit Guarantee Corporation qualified for weighted deduction. Following that binding view, the same issue did not call for a different conclusion in the present reference.

Conclusion: The question was answered in the affirmative, in favour of the assessee and against the Revenue.

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