9911796707
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Issues Involved:
The judgment involves the following issues: 1. Interpretation of circular on minimum tax effect for filing an appeal under section 260A of the Income-tax Act, 1961 for the assessment year 1995-96. 2. Determination of deduction under section 80-O based on gross income for the assessment year 1996-97. 3. Rejection of departmental appeal due to estimation of expenses related to earning foreign income. Interpretation of Circular for Assessment Year 1995-96: The appeals were filed by the Revenue under section 260A of the Income-tax Act, 1961, questioning the Tribunal's reliance on a circular regarding the minimum tax effect for filing an appeal. The court directed a reconsideration of the matter on its merits, citing a previous judgment for guidance. Deduction under Section 80-O for Assessment Year 1996-97: The issue pertained to the deduction under section 80-O based on the gross income for the assessment year 1996-97. The Tribunal's decision was based on a previous case without providing sufficient reasoning. The court highlighted the Tribunal's duty to thoroughly examine the facts and reasons presented by both parties before making a decision. Consequently, the court set aside the Tribunal's order and instructed a fresh hearing with the opportunity for both parties to present evidence and arguments. Rejection of Departmental Appeal for Estimation of Expenses: The Tribunal dismissed the departmental appeal concerning the estimation of expenses related to earning foreign income, citing a previous decision without detailed analysis. The court emphasized the Tribunal's responsibility to consider all arguments and evidence before reaching a conclusion. As a result, the court set aside the Tribunal's order for the assessment year 1996-97 and directed a rehearing with the provision for both parties to present materials and case law to support their positions.
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