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TMI Blog2002 (12) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be treated as part of the capital employed for the purpose of relief under section 80J of Income-tax Act, 1961?" - "2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the deduction under section 80-O of the Act should be calculated on the gross fees received by the assessee-company?" - The reference is accordingly disposed of, b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the assessment year 1979-80 only: "2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the deduction under section 80-O of the Act should be calculated on the gross fees received by the assessee-company?" The facts relevant for the purpose herein are as follows: In the assessment year in question the assessee claimed relief under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elief under section 80J. Hence this reference at the instance of the Revenue. When the reference was taken up for final hearing, counsel on both sides agreed that the decision of this court in the case of CIT v. Alcock Ashdown and Co. Ltd. [1979] 119 ITR 164 has been affirmed by the apex court reported in CIT v. Alcock Ashdown and Co. Ltd. [1997] 224 ITR 353. In this view of the matter, question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the gross fees received by the assessee-company. The Tribunal confirmed the order of the Commissioner of Income-tax (Appeals). Hence, this reference at the instance of the Revenue. At the final hearing of this reference, Mr. Desai, learned counsel appearing on behalf of the Revenue, fairly stated that the bare reading of section 80-O of the Income-tax Act makes it clear that gross income is t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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