https://www.taxtmi.com/caselaws?id=10785 The High Court of ALLAHABAD upheld the Tribunal's decision to disallow the assessee's claim for weighted deduction under section 35B of the Income-tax Act. The court emphasized the requirement for the assessee to own machinery and plant within prescribed limits to qualify for the deduction. Despite the assessee's argument as an exporter, ownership of machinery and plant was deemed essential for claiming benefits under section 35B. The court referenced legal precedents to clarify that ownership of machinery and plant is crucial for eligibility, and failure to demonstrate ownership led to the denial of the claim. en-us Wed, 01 Dec 2004 00:00:00 +0530 Sat, 25 Jul 2009 09:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10785 The High Court of ALLAHABAD upheld the Tribunal's decision to disallow the assessee's claim for weighted deduction under section 35B of the Income-tax Act. The court emphasized the requirement for the assessee to own machinery and plant within prescribed limits to qualify for the deduction. Despite the assessee's argument as an exporter, ownership of machinery and plant was deemed essential for claiming benefits under section 35B. The court referenced legal precedents to clarify that ownership of machinery and plant is crucial for eligibility, and failure to demonstrate ownership led to the denial of the claim. Case-Laws Income Tax Wed, 01 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10785