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<h1>Disallowing Weighted Deduction on Packing Materials: Precedent-Based Decision</h1> <h3>V. Guruvaiah Naidu & Sons Versus Commissioner of Income-tax</h3> The Madras High Court held that the assessee is not entitled to weighted deduction on packing materials under section 35B(1)(iii) of the Income-tax Act, ... - The Madras High Court considered two cases regarding weighted deduction under section 35B(1)(iii) of the Income-tax Act. The Court referred to previous decisions and ruled that the assessee is not entitled to weighted deduction on packing materials based on precedent. The Court also noted that a previous decision was overruled by the Supreme Court, leading to a resolution of the controversy.