Weighted deduction under section 35B: eligibility limited to specified overseas promotion services, 50% cap for vegetable oil exporters. The Finance (No. 2) Act, 1980 narrowed eligibility for weighted deduction under section 35B to specified overseas promotional services: overseas advertisement, maintenance of foreign branch/office/agency for sales promotion, sending executives abroad to negotiate export contracts, and furnishing samples and technical information to promote exports. Payments to State Trading Corporation qualify only for those items, and for assessees exporting vegetable oil only 50% of service charges paid to the Corporation qualify for the weighted deduction, subject to other section conditions, effective from assessment year 1980-81.
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 under section 35B: eligibility limited to specified overseas promotion services, 50% cap for vegetable oil exporters.
The Finance (No. 2) Act, 1980 narrowed eligibility for weighted deduction under section 35B to specified overseas promotional services: overseas advertisement, maintenance of foreign branch/office/agency for sales promotion, sending executives abroad to negotiate export contracts, and furnishing samples and technical information to promote exports. Payments to State Trading Corporation qualify only for those items, and for assessees exporting vegetable oil only 50% of service charges paid to the Corporation qualify for the weighted deduction, subject to other section conditions, effective from assessment year 1980-81.
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