1991 (12) TMI 29

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....artnership firm and the assessment year under reference is 1978-79, the year of account being Samvat year 2033. The assessee had incurred expenditure of Rs. 27,894 for insurance and Rs. 2,14,086 for port fees, freight charges, etc., in the previous year relevant to the assessment year 1978-79. In the course of assessment for the assessment year 1978-79, the Income-tax Officer allowed the assessee'....

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....ibunal (" the Tribunal " for short). The Tribunal held to the effect that the assessee was entitled to weighted deduction under section 35B(1)(b) of the Act, as claimed by it. It further held that since two views on the question were possible, it could not be said that the order passed by the Income-tax Officer was erroneous and prejudicial to the interests of the Revenue. Therefore, in the view o....

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....een referred to us is directly covered by our decision in M. M. Khambhatwala v. CIT [1992] 198 ITR 140, Incometax Reference No. 289 of 1980, disposed of by our judgment delivered today (December 2, 1991). Following the said decision and for the reasons recorded therein, question No. 1 shall have to be answered in the negative and against the assessee. So far as the second question is concerned,....