TMI Blog2008 (10) TMI 387X X X X Extracts X X X X X X X X Extracts X X X X ..... the said project – Held that:- Loan amount was paid in foreign currency is not disputed and even if the entire foreign currency was brought into India, the assessee would have been required to remit the foreign currency to discharge the loan taken in foreign currency for executing the project. Therefore, assessee is entitled to claim deduction under section 80HHB of the Income-tax Act Exclusion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1)(i) read with sections 4 and 5 of the Income-tax Act, 1961, and other provisions and whether, on the facts and circumstances of the case and in law, the hon'ble Tribunal is right in allowing the appeal of the assessee and allowing the deduction of expenditure of Rs. 14,31,730 being the expenditure incurred for exploration and production of oil and gases ? (2) Whether the true scope and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Revenue in Income Tax Appeal (Lodg.) No. 921 of 2006 (CIT v. Essar Oil Ltd.) has been dismissed by us today, i.e., on October 16, 2008. 3. So far as the second question is concerned, it is not in dispute that the assessee had executed certain contracts in the countries, viz., Oman and Qatar. The foreign currency earned from the said project was partially used for repaying the loan taken ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not disputed and even if the entire foreign currency was brought into India, the assessee would have been required to remit the foreign currency to discharge the loan taken in foreign currency for executing the project. Therefore, the second question raised by the Revenue does not survive. 4. As regards the third question is concerned, it is not in dispute that the assessee has a permanent est ..... X X X X Extracts X X X X X X X X Extracts X X X X
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