Section 26 - Amendment of section 80-O - Finance Act, 1988

26. Amendment of section 80-O In section 80-O of the Income-tax Act [as amended by section 36 of the Finance Act, 1987 (11 of 1987)], - (a) in the opening paragraph, - (i) for the words under an agreement approved by the Board in this behalf , the words under an agreement approved in this behalf by the Chief Commissioner or the Director General shall be substituted with effect from the 1st day of April, 1989; (ii) for the portion beginning with the words and such income is received in convertible foreign exchange and ending with the words in computing the total income of the assessee , the following shall be substituted, namely :- and such income is received in convertible foreign exchange in India, or having been received in convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, is brought into India, by or on behalf of the assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange, there shall be allowed, in accordance with and subject to the provisions of this section, a deduction of an amount equal to fifty per cent. of the income so received in, or brought into, India, in computing the total income of the assessee ; (b) for the first and second provisos, the following provisos shall be substituted with effect from the 1st day of April, 1989, namely :- Provided that the application for the approval of the agreement referred to in this section is made to the Chief Commissioner or, as the case may be, the Director General in the prescribed form and verified in the prescribed manner before the 1st day of October of the assessment year in relation to which the approval is first sought : Provided further that the approval of the Chief Commissioner or, as the case may be, the Director General shall not necessary in the case of any such agreement which has been approved for the purposes of the deduction under this section by the Central Government before the 1st day of April, 1972, or by the Board before the 1st day of April, 1989, and every application for such approval of any such agreement pending with the Board immediately before the 1st day of April, 1989, shall stand transferred to the Chief Commissioner or the Director General for disposal : .