2002 (7) TMI 15

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....case under section 256(1) of the Income-tax Act, 1961, and referred the following questions of law in relation to the assessment year 1980-81 of the assessee: "1. Whether, on the facts and in the circumstances of the case, the claim of the assessee for weighted deduction under section 35B in respect of bank charges of Rs. 8,68,600 has to be conceded? 2. Whether, on the facts and in the circumsta....

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....sel for the assessee as also learned counsel for the Revenue that the issue raised in the question is covered in favour of the Revenue by the decision of the Full Bench of this court in Guruvaiah Naidu and Sons v. CIT [2002] 123 Taxman 103 wherein, this court held that the assessee is not entitled to the weighted deduction under section 35B of the Income-tax Act in respect of the bank charges paid....

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.... question in favour of the Revenue and against the assessee. In so far as the third question of law is concerned, it is fairly submitted by learned standing counsel for the Revenue that this question was considered by this court in the assessee's own case in T.C. No. 474 of 1989 (CIT v. Madura Coats Ltd. [2002] 253 ITR 62), decided on February 21, 2001, wherein it was held that the expenditure in....