https://www.taxtmi.com/caselaws?id=11902 Subsidy paid by a bank to its subsidiary banks for opening new branches was held to be revenue expenditure because it was incurred in the course of business, the branch assets belonged to the subsidiary banks, and the payer obtained only a business advantage; the character of the receipt in the subsidiaries' hands did not govern deductibility in the payer's hands. Weighted deduction under section 35B was also stated to apply to qualifying revenue expenditure incurred to develop export markets, even where the assessee was not itself an exporter or had not earned export profits, and expenditure on foreign branches could qualify. Both issues were answered in favour of the assessee-bank. en-us Wed, 12 Mar 2003 00:00:00 +0530 Thu, 11 Feb 2010 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11902 Subsidy paid by a bank to its subsidiary banks for opening new branches was held to be revenue expenditure because it was incurred in the course of business, the branch assets belonged to the subsidiary banks, and the payer obtained only a business advantage; the character of the receipt in the subsidiaries' hands did not govern deductibility in the payer's hands. Weighted deduction under section 35B was also stated to apply to qualifying revenue expenditure incurred to develop export markets, even where the assessee was not itself an exporter or had not earned export profits, and expenditure on foreign branches could qualify. Both issues were answered in favour of the assessee-bank. Case-Laws Income Tax Wed, 12 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11902