https://www.taxtmi.com/caselaws?id=215715 The court ruled against the respondent assessee in a case concerning a reference under Section 256(1) of the Income Tax Act 1961 for the assessment year 1980-81. The issue revolved around the allowability of weighted deduction under Section 35(B) of the Act for interest paid on packing credit. Despite the Tribunal initially allowing the claim based on a decision of the Madhya Pradesh High Court, the Bombay High Court disagreed, citing precedents from other High Courts. Ultimately, the court denied the claim, siding with the revenue and against the respondent assessee, without awarding costs. en-us Fri, 03 Aug 2012 00:00:00 +0530 Tue, 14 Aug 2012 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215715 The court ruled against the respondent assessee in a case concerning a reference under Section 256(1) of the Income Tax Act 1961 for the assessment year 1980-81. The issue revolved around the allowability of weighted deduction under Section 35(B) of the Act for interest paid on packing credit. Despite the Tribunal initially allowing the claim based on a decision of the Madhya Pradesh High Court, the Bombay High Court disagreed, citing precedents from other High Courts. Ultimately, the court denied the claim, siding with the revenue and against the respondent assessee, without awarding costs. Case-Laws Income Tax Fri, 03 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215715