TMI Blog2007 (7) TMI 208X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Appellate Tribunal, Chennai Bench "C", Chennai in I.T.A. No. 831/Mds/2001, dated August 25, 2003. On June 21, 2004, this court admitted the appeal and formulated the following substantial questions of law: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that the assessee was eligible for deduction under section 80-O for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corresponding accounting year ended on March 31, 1998. The assessee filed the return of income on December 31, 1998, admitting the income of Rs. 1,64,100. Later, the case was taken up for scrutiny and notice was issued under section 143(2) of the Income-tax Act ("the Act" in short). The Assessing Officer completed the assessment under section 143(3) of the Act determining the total income at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the ground that the assessee had succeeded in the main claim under section 80-O of the Act. Learned senior standing counsel appearing for the Revenue submitted that the Tribunal was wrong in granting deduction under section 80-O of the Act ignoring the amendment made to section 80-O by the Finance Act, 1997 with effect from April 1, 1998. As per the amended provision, the assessee is not ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of a foreign State or foreign enterprise in consideration for the use outside India of any patent, invention, design or registered trade mark. This amendment was not at all considered by the Tribunal and counsel appearing for the assessee fairly stated that in view of the amendment, the assessee is not entitled to relief under section 80-O of the Act. In view of the same, we answer the questio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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