COMMISSIONER OF INCOME TAX Vs. SUDESH MADHOK

JUDGEMENT

(1.) AT the instance of the Revenue, Tribunal, New Delhi, has referred under s 256(1) of the IT Act, 1961 (for short the Act), the following question for our opinion :

(2.) SINCE in our opinion answer to the question referred stands concluded by the decisions of the apex Court in CIT vs. Stepwell Industries Ltd. & Ors. (1997) 142 CTR (SC) 345 : (1997) 228 ITR 171 (SC) and CIT vs. Hero Cycles (P) Ltd. and Ors. (1997) 142 CTR (SC) 122 : (1997) 228 ITR 463 (SC), we deem it unnecessary to state the facts, except to note that weighted deduction under s. 35B of the Act was claimed by the assessee on the interest paid by her on packing credit. The CIT (A) and the Tribunal, relying on the decision of the Bombay Bench of the Tribunal in Aaydee Corporation, Bombay vs. ITO (ITA No. 393/Bom/80), held that the assessee was entitled to the relief claimed under the said section.