Testeels Ltd. vs Commissioner of Income-Tax

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

1992 Supreme(Guj) 373

R.C.MANKAD, R.K.ABICHANDANI
Testeels Ltd. – Appellant
Versus
Commissioner of Income-Tax – Respondent

Advocates Appeared:
For the Appellant :H.M. Talati, Advocate
For the Respondent:B.J. Shelat and M.R. Bhatt, Advocates

JUDGMENT :

R.C. Mankad, J.

1. The Tribunal has referred to us for our opinion the following question :

"Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that amounts mentioned below were not eligible for weighted deduction under section 35B of the Income Tax Act, 1961 :

	Rs.
(a) Advertisement (local)	25,825
(b) ½ salary of Mr. T.S.K. Chari	25,000
(c) Bank guarantee charges	93,024
(d) Interest on export credits	10,98,881
(e) Membership fees (for institutions out of India)	48,867
(f) Interest Central Bank	2,098
(g) Freight (up to destination out of India)	4,93,359
(h) Insurance (including insurance covered up to the point of destination)	2,34,539
(i) Packing material	49,945
(j) Tower testing charges	2,07,344
(k) Fabrication (monies spent out of India)	16,14,703
	38,93,585?"

2. The assessee is a public limited company and the assessment year under reference is 1977-78, the year of account being the financial year ending on March 31, 1977. I

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1992 Supreme(Guj) 373

R.C.MANKAD, R.K.ABICHANDANITesteels Ltd. – AppellantVersusCommissioner of Income-Tax – Respondent

R.C.MANKAD, R.K.ABICHANDANI
Testeels Ltd. – Appellant
Versus
Commissioner of Income-Tax – Respondent