1988 (12) TMI 30

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....for consideration in this reference at the instance of the assessee reads thus : "Whether, on the facts and in the circumstances of the case, the assessee is entitled to weighted deduction under section 35B(1)(a) of the Income-tax Act, 1961, of Rs. 43,000 in its assessment for the accounting period relevant to the assessment year 1970-71 ?" The statement of case states that the admitted fact....

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.... entitled to weighted deduction in respect of the entire expenditure of Rs. 43,000. The Income-tax Officer allowed the said deduction only in the sum of Rs. 26,668 and not "in respect of the expenditure incurred on foreign publicity by the Engineering Export Promotion Council." The Appellate Assistant Commissioner's order set out the facts in the same manner. He upheld the Income-tax Officer's ord....

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....eering Export Promotion Council and the amount of Rs. 43,000 was allocated for payment to the assessee, with the stipulation that Rs. 14,332 (1/3rd) would be treated as a subsidy ; or (b) whether the amount of Rs. 43,000 was expended by the assessee having first received the subsidy of Rs. 14,332 from the Engineering Export Promotion Council ; or (c) whether the subsidy was received after the expe....