https://www.taxtmi.com/caselaws?id=151968 Deduction under section 80-O is computed on income included in gross total income, not on gross convertible foreign exchange receipts. The phrase "the income so received" refers to the income computed under the Act after allowing relevant expenses, including those incurred abroad and in India. Legislative history was treated as showing that the provision aimed to encourage export of technical know-how and foreign exchange inflow, but not to grant a deduction exceeding actual taxable income. Section 80AB reinforces that the relevant income must first be computed in accordance with the Act before deduction is allowed, and was treated as clarificatory of that position. en-us Fri, 25 Jun 1999 00:00:00 +0530 Thu, 20 Jun 2013 14:18:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151968 Deduction under section 80-O is computed on income included in gross total income, not on gross convertible foreign exchange receipts. The phrase "the income so received" refers to the income computed under the Act after allowing relevant expenses, including those incurred abroad and in India. Legislative history was treated as showing that the provision aimed to encourage export of technical know-how and foreign exchange inflow, but not to grant a deduction exceeding actual taxable income. Section 80AB reinforces that the relevant income must first be computed in accordance with the Act before deduction is allowed, and was treated as clarificatory of that position. Case-Laws Income Tax Fri, 25 Jun 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151968