Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (7) TMI 526 - HC - Income TaxExemption u/s 10-A/10-B - Whether the Tribunal is justified in law in coming to the conclusion that the provisions of Section 80-O are parallel or pari materia to the provisions of Section 10-A and 10-B despite the fact that sub-section (3) of Section 10-A/10-B deal with sale proceeds of article or thing while Section 80-O deals with income - Held that:- The income is received in India in convertible foreign exchange, in a lawful and permissible manner through the premier institution concerned with the subject-matter - Reserve Bank of India - In this view, held that the proceedings of the Central Board of Direct Taxes dated March 11, 1986, declining to approve the agreements of the appellant with Sedgwick Offshore Resources Ltd., London, for the purposes of section 80-O of the Income-tax Act, are improper and illegal - further find that the words 'sale proceeds' in Section 10-A would, in the context also mean, net proceeds, if the goods were purchased from foreign buyers on credit - The explanation 1 and 2 to sub section (3) is not attracted in the present case - Thus, the question of law raised by the appellant-department are covered by decision of the Supreme Court in J.B. Boda and Co. (P) Ltd vs. CBDT, [1996 (10) TMI 70 - SUPREME Court] - Appeals are dismissed assordingly.
|