TMI Blog1998 (7) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... n 80-O of the Income-tax Act, 1961, to the agreement dated November 2, 1983, which is in question. Clause 2 of the approval reads as under: "2. The income allowable as a deduction for the assessment year 1981-82 and onwards would be the income computed after accounting for expenses incurred in earning such income, i.e., net income." The document is taken on record. The Income-tax Officer and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question which was sought to be referred by the Revenue does arise as a question of law from the order of the Tribunal and the Tribunal was not justified in rejecting the Department's application under section 256 of the Income-tax Act. For the foregoing reasons, the petition is allowed. The Tribunal is directed to draw up a statement of case and refer the following question of law for the opin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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