https://www.taxtmi.com/caselaws?id=69136 The Tribunal dismissed the appeals, upholding the decision of the CIT (Appeals) regarding the deduction u/s 35B of the Income-tax Act, 1961. The Tribunal confirmed that certain expenses claimed by the assessee were capital in nature and not eligible for weighted deduction under section 35B. It held that interest, guarantee commission, and the cost of textile accessories were part of the capital employed in the foreign enterprise and could not be considered as expenditure for export market development. The Tribunal also clarified that the Explanation introduced in 1981 applied retrospectively to clarify the existing law. en-us Fri, 31 Jul 1987 00:00:00 +0530 Tue, 05 Apr 2011 13:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69136 The Tribunal dismissed the appeals, upholding the decision of the CIT (Appeals) regarding the deduction u/s 35B of the Income-tax Act, 1961. The Tribunal confirmed that certain expenses claimed by the assessee were capital in nature and not eligible for weighted deduction under section 35B. It held that interest, guarantee commission, and the cost of textile accessories were part of the capital employed in the foreign enterprise and could not be considered as expenditure for export market development. The Tribunal also clarified that the Explanation introduced in 1981 applied retrospectively to clarify the existing law. Case-Laws Income Tax Fri, 31 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69136