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TMI Blog2000 (3) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... ajiv Kapur, Sanjiv Sabherwal JUDGMENT D. K. Jain, J. By a consolidated statement of the case in respect of the asst. yrs. 1968-69 to 1971-72, at the instance of the Revenue, the following questions have been referred by the Tribunal, Delhi Benches, for our decisions : 1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Motilal Pesticides (India) (P) Ltd. vs. CIT (1994) 207 ITR 636(Del) : TC 25R.237 and a decision of the Madras High Court in CIT vs. M.K. Raju Consultants (P) Ltd. (1999) 239 ITR 232(Mad). 3. On the other hand, Mr. P.V. Kapoor, learned senior counsel for the assessee, has submitted that since the decision in the case of Marketing Research Corporation was an ex parte decision, certain important ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t been noticed in the judgment of this Court. We are included to agree with learned counsel for the assessee. 4. In Marketing Research Corporation's case (supra), following the judgment of the Supreme Court in Distributors (Baroda)'s case, by a short order, it was held as under : It is not necessary to state the case at great length because the point referred by the Tribunal is alr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the interpretation of s. 80-O as well. 5. Having perused some of the decisions of the High Courts dealing with s. 85, as it existed prior to the insertion of s. 80-O, we are of the view that the issue involved namely, whether while calculating the deduction under s. 80-O, expenditure, direct or indirect, incurred in India is to be reduced from the net convertible foreign exchange received in I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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