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of <h1>Exporters Can Claim Deductions for Service Charges to STC u/s 35B for Castor Oil Exports.</h1> The Board addressed a request from the Indian Vegetable Oil Export Association regarding the eligibility of weighted deductions under Section 35B of the Income-tax Act for service charges paid to the State Trading Corporation (STC) for castor oil exports. The procedure required exporters to pay service charges to STC, which managed export contracts. The Board concluded that these charges qualify for deductions as they are incurred for promoting exports, with STC providing essential services like market information and publicity. This decision applies to exporters, ensuring they receive deductions for service charges paid to STC.
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