https://www.taxtmi.com/caselaws?id=19202 The court held that the export markets development allowance under section 35B of the Income-tax Act, 1961 was not allowable for bank interest, bank charges, insurance, or losses due to fluctuations in the exchange rate. The court determined that the loss incurred by the assessee from exchange rate fluctuations did not directly relate to the specified activities outlined in the Act for claiming the allowance. Consequently, the court ruled in favor of the Revenue and against the assessee, upholding the disallowance of the weighted deduction for the exchange rate fluctuation loss. No costs were awarded in this case. en-us Fri, 17 Sep 1993 00:00:00 +0530 Wed, 04 Nov 2009 16:10:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19202 The court held that the export markets development allowance under section 35B of the Income-tax Act, 1961 was not allowable for bank interest, bank charges, insurance, or losses due to fluctuations in the exchange rate. The court determined that the loss incurred by the assessee from exchange rate fluctuations did not directly relate to the specified activities outlined in the Act for claiming the allowance. Consequently, the court ruled in favor of the Revenue and against the assessee, upholding the disallowance of the weighted deduction for the exchange rate fluctuation loss. No costs were awarded in this case. Case-Laws Income Tax Fri, 17 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19202