Weighted deduction for export-market development excludes carriage and shipping-related costs, prompting assessment reviews and corrections. Retrospective amendments to section 35B restrict the weighted deduction for export-market development by excluding carriage-related costs, including carriage to foreign destinations and insurance in transit, and disallowing expenditure by carriers or operators arranging carriage from qualifying; Income-tax Officers must review assessments, correct erroneous allowances for such shipping and carriage expenditures, and report compliance and tax effects to the Board, with surtax implications where applicable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Weighted deduction for export-market development excludes carriage and shipping-related costs, prompting assessment reviews and corrections.
Retrospective amendments to section 35B restrict the weighted deduction for export-market development by excluding carriage-related costs, including carriage to foreign destinations and insurance in transit, and disallowing expenditure by carriers or operators arranging carriage from qualifying; Income-tax Officers must review assessments, correct erroneous allowances for such shipping and carriage expenditures, and report compliance and tax effects to the Board, with surtax implications where applicable.
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