TaxTMI 
TaxTMI 
1997 (2) TMI 81
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.... for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, was correct in law in holding that the provisions of section 144B of the Income-tax Act, 1961, were applicable to the case ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the prov....
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....the opinion of this court are as follows : " 1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to weighted deduction under section 35B of the Income-tax Act, 1961, on outward carriage representing freight charges from Indian ports to foreign ports, clearing agent's charges and other incidental charges as also on insurance charges covering voyage of exported g....
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....ior to January 1, 1976, with regard to those assessments which had not been completed. It has further been held that once the provisions of section 144B can be invoked in relation to an assessment the period of limitation has to be computed applying Explanation 1 (iv) to section 153 of the Income-tax Act, 1961, and the period of 180 days commences from the date on which the Assessing Officer forwa....
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.... that the assessee was not entitled to weighted deduction in respect of freight and insurance. We are in respectful agreement with the opinion expressed in this decision. Accordingly question No. 3 is also answered in the affirmative, in favour of the Revenue and against the assessee. Likewise question No. 1 in relation to the assessment years 1976-77 and 1977-78 is answered in the negative, in fa....