9911796707
TMI Blog1997 (11) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... vable on account of the Nigerian contract without verifying whether the entire amount of such foreign exchange was received in India, the finding of the Tribunal that there is no good reason brought on record by the Commissioner for setting aside the assessment is based on any relevant evidence or perverse ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that section 80-O of the Income-tax Act, 1961, did not prescribe any time limit for bringing the convertible foreign exchange into India for the purpose of relief under that section ? (3) Whether, on the facts and in the circumstances of the case, and in view of (i) the factum of receipt of the entire convertible foreign exch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the deduction under section 80-O of the Act, he directed the Income-tax Officer to make a fresh assessment after due enquiry into the facts and with reference to the provisions of law as contained in section 80-O of the Act. He also directed the Income-tax Officer to give reasonable opportunity of being heard before the completion of the fresh assessment proceedings. The Tribunal, however, disagreed with the Commissioner of Income-tax and found that since there were some problems in receiving the entire amount of Rs. 45,64,536 because of some trouble regarding remittance in Nigeria, it observed that the assessee was entitled to full allowance at the rate of 50 per cent. on the amount of Rs. 45,64,536 and that the Commissioner was wrong i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of convertible foreign exchange, undoubtedly the assessee is entitled to the full allowance if the section permits that. In any case, this is a matter which lies within the domain and purview of the Income-tax Officer. All that the Commissioner has done is to refer the matter back to the Income-tax Officer for reconsideration. Undoubtedly, the Income-tax Officer is under an obligation to reconsider the entire matter in the light of the provisions of law as contained in sections 80-O, 154 and 155(12) of the Act as applicable to the case of the assessee and to decide about the extent of the allowance admissible to him with reference to the arrival of the convertible foreign exchange in India as covered by the aforesaid provisions of law. Bef ..... X X X X Extracts X X X X X X X X Extracts X X X X
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