https://www.taxtmi.com/caselaws?id=17253 Interest paid on packing credit finance under an export credit scheme was held not to qualify for weighted deduction under section 35B(1)(b)(viii) of the Income-tax Act, because the provision applies only to expenditure incurred wholly and exclusively on performance of services outside India in connection with, or incidental to, execution of an export contract. The court treated the export financing benefit and the section 35B deduction as distinct incentives and found no statutory nexus between the interest cost and the foreign services requirement. The claimed deduction was therefore disallowed. en-us Thu, 18 Sep 1997 00:00:00 +0530 Mon, 21 Sep 2009 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17253 Interest paid on packing credit finance under an export credit scheme was held not to qualify for weighted deduction under section 35B(1)(b)(viii) of the Income-tax Act, because the provision applies only to expenditure incurred wholly and exclusively on performance of services outside India in connection with, or incidental to, execution of an export contract. The court treated the export financing benefit and the section 35B deduction as distinct incentives and found no statutory nexus between the interest cost and the foreign services requirement. The claimed deduction was therefore disallowed. Case-Laws Income Tax Thu, 18 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17253