https://www.taxtmi.com/caselaws?id=260218 The Bombay High Court ruled in favor of the Revenue and against the assessee, holding that interest paid on packing credit is not eligible for export market development allowance under Section 35B of the Income Tax Act. The Court emphasized that such expenditure does not involve the performance of services outside India, making it non-deductible. The judgment aligned with a Division Bench decision and no conflicting precedent was presented. Therefore, the Court disposed of the Reference accordingly. en-us Thu, 07 May 2015 00:00:00 +0530 Fri, 05 Jun 2015 13:25:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260218 The Bombay High Court ruled in favor of the Revenue and against the assessee, holding that interest paid on packing credit is not eligible for export market development allowance under Section 35B of the Income Tax Act. The Court emphasized that such expenditure does not involve the performance of services outside India, making it non-deductible. The judgment aligned with a Division Bench decision and no conflicting precedent was presented. Therefore, the Court disposed of the Reference accordingly. Case-Laws Income Tax Thu, 07 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260218