1997 (4) TMI 25

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....he Revenue, the Appellate Tribunal has stated a case and referred the following question of law under section 256(1) of the Income-tax Act, 1961, for the assessment year 1978-79 for our opinion: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the assessee was entitled to weighted deduction under section 35B of the Income-tax....

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....he case of Lucas TVS Ltd. v. CIT [1996] 217 ITR 382, has held that the assessee is not entitled to claim weighted deduction under section 35B of the Act in respect of the interest paid on packing credit. Mr. R. Gangadharen, learned counsel appearing for the assessee, has not disputed the above position of law. Following the above decision of this court, we hold that the Tribunal was not correct in....