https://www.taxtmi.com/caselaws?id=17824 The court ruled on various issues related to deductions under the Income-tax Act, 1961. It emphasized the need for specific criteria to qualify for deductions under Section 35B, particularly for expenses related to export activities. The court clarified that deductions should only be granted for services performed outside India in connection with export contracts. Regarding retirement compensation and gratuity, the court denied the claim due to lack of approval from the Company Law Board. However, the court allowed deductions for subsidies from depreciation costs and weighted deductions on Export Credit Guarantee Corporation premiums. The court's decisions varied, favoring both the Revenue and the assessee on different issues. en-us Fri, 14 Jun 1996 00:00:00 +0530 Mon, 20 Feb 2012 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17824 The court ruled on various issues related to deductions under the Income-tax Act, 1961. It emphasized the need for specific criteria to qualify for deductions under Section 35B, particularly for expenses related to export activities. The court clarified that deductions should only be granted for services performed outside India in connection with export contracts. Regarding retirement compensation and gratuity, the court denied the claim due to lack of approval from the Company Law Board. However, the court allowed deductions for subsidies from depreciation costs and weighted deductions on Export Credit Guarantee Corporation premiums. The court's decisions varied, favoring both the Revenue and the assessee on different issues. Case-Laws Income Tax Fri, 14 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17824