https://www.taxtmi.com/caselaws?id=64443 Section 35B was read to allow weighted deduction for expenditure on maintaining an overseas branch used to promote export-related banking and support services, without adding a separate requirement that the assessee itself must export services. The London branch's activities in identifying buyers, arranging finance, transmitting trade information and supporting disputes were treated as serving foreign market development, with deduction subject to verification of the expenditure. On bad debts, the text states that write-offs are deductible where the bank bona fide assesses them as irrecoverable on the basis of the debtor's financial position, assets, recoveries and insolvency circumstances; pending suits or decrees alone do not prevent deduction, and later recoveries are taxable separately. en-us Tue, 23 May 1989 00:00:00 +0530 Mon, 07 Feb 2011 18:33:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64443 Section 35B was read to allow weighted deduction for expenditure on maintaining an overseas branch used to promote export-related banking and support services, without adding a separate requirement that the assessee itself must export services. The London branch's activities in identifying buyers, arranging finance, transmitting trade information and supporting disputes were treated as serving foreign market development, with deduction subject to verification of the expenditure. On bad debts, the text states that write-offs are deductible where the bank bona fide assesses them as irrecoverable on the basis of the debtor's financial position, assets, recoveries and insolvency circumstances; pending suits or decrees alone do not prevent deduction, and later recoveries are taxable separately. Case-Laws Income Tax Tue, 23 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64443