Commissioner Of Income-Tax vs Vippy Solvex Product Private Limited on 14 December, 1984
2. Regarding the first question, Mr. Sawhney contends that the weighted deduction on bank interest on packing credit would not have been allowed as the ingredients of Section 35B were not satisfied. The claim as made was controverted by Mr. Sanjay Bansal on the basis of the decision of the Madhya Pradesh High Court in CIT v. Vippy Solvex Product Pvt. Ltd. [1986] 159 ITR 487.