Development of export market - exemption u/s 35B

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....nt non-corporate tax payers, incurring expenditure under specified heads for development of export markets are entitled to a weighted deduction in an amount equal to one and one-thirds times the amount of the qualifying expenditure. One of the heads of expenditure as specified in section 35B(1)(b)(iii), as originally enacted, was that incurred on distribution, supply or provision outside India of ....

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.... on shipping freight was incorrectly taken into account for the purposes of the weighted deduction. This shows that the Income-tax Officer had not taken note of the retrospective amendment made in section 35B of the Income-tax Act by the Finance Act, 1970. 3. It will also be relevant to note that a new Explanation 2 has been inserted in section 35B(1) of the Income-tax Act by the finance Act, 1....