( 1 ) THE petitioner is a public limited company engaged in the business of manufacturing cement and asbestos products. The relevant assessment year is assessment years 1973-74. In the accounting year which ended on 31. 12. 1972, it exported cement and asbestos products to foreign countries. In its return of income, the petitioner declared the total income at Rs. 45,21,260/ -. The petitioner had claimed weighted deduction under section 35b of the Income-tax Act for export market development on expenses of Rs. 57,988/ -. The ITO allowed the claim of the petitioner. As the ITO had made additions in the total income of the assessee and had disallowed certain claims made by the assessee, the assessee had preferred an appeal to the Appellate Assistant commissioner. That appeal was partly allowed. Against that order passed by the AAC, the petitioner-assessee preferred further appeal to the tribunal. The ITO also aggrieved by that order had preferred an appeal to the tribunal. The appeal filed by the ITO was dismissed and that of the petitioner was partly allowed on 15. 11. 1978. Ultimately the petitioner on coming to know of the correct position of law in view of vari