M.Katju, J. - (1.) This is an income-tax reference under Section 256(1) of the Income-tax Act, 1961, in which the following question has been referred to us for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in concluding that the counter sales within India, against foreign currency, should be treated as export sales ?"
(2.) Heard learned counsel for the Department. Although the office report shows that on May 29,1985, notice has been served on the assessee, none has appeared on his behalf.
(3.) The assessee-firm deals in jewellery and antiques. It has a show room at Agra where it sells jewellery and antiques to foreigners against foreign currency. The assessee claimed weighted deduction under Section 35B of the Income-tax Act.;