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2005 (9) TMI 34 - DELHI HIGH COURT"Whether or not deduction u/s 80-O is admissible with reference to the gross foreign exchange brought into India or the profit included in the gross total income is a debatable question of law on which contrary opinions are conceivable. Adjustment of the returned income on account of the claim of deduction under section 80-O is, therefore, outside the scope of section 143(1)(a). The returned income is therefore directed to be accepted without the impugned adjustment relating to the claim of deduction under section 80-O of the Act." - petitioner also relied upon the decision of the High Court of Bombay in the case of CIT v. Asian Cables Corporation Ltd. as also the decision of the Madras High Court in the case of Addl. CIT v. Isthmian India Maritime Pvt. Ltd. wherein it was held that the deduction u/s 80-O should be calculated on the gross fees receipt and not on net income. These decisions are of the Bombay and Madras High Courts. They are decisions which would be binding within the jurisdictions of these High Courts. In so far as the Assessing Officer in Delhi was concerned, he was bound by the decision of this court in the case of CIT v. Marketing Research Corporation and as such, there was no scope for any debate. Therefore, the adjustments could be made by the Assessing Officer under section 143(1)(a). Accordingly, we feel that no substantial question of law arises for our consideration and the appeal is dismissed
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