2003 (1) TMI 15

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..... r, Tribunal was right in law in holding that even on merits, the assessee was entitled to deduction under section 80HH of the Act?" - In our opinion, the first question has to be answered in favour of the Department in view of the amendment of section 263(1), Explanation (c) of the Income-tax Act as amended by the Finance Act of 1989 - As regards the second question referred to us, it has to be de .....

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..... e facts and in the circumstances of the case, the learned Tribunal was right in law in holding that even on merits, the assessee was entitled to deduction under section 80HH of the Act?" The assessee is a firm and the relevant assessment year is 1976-97. For this year, the Income-tax Officer allowed deduction under section 80HH of the Act and held that all the requirements of the said section ha .....

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..... he above two questions have been referred to us for our opinion. In our opinion, the first question has to be answered in favour of the Department in view of the amendment of section 263(1), Explanation (c) of the Income-tax Act as amended by the Finance Act of 1989 and as interpreted by the Supreme Court in the case of CIT v. Shri Arbuda Mills Ltd. [1998] 231 ITR 50. As regards the second que .....

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