https://www.taxtmi.com/caselaws?id=15950 The High Court of Madras ruled against a firm of consultants seeking a deduction under section 80-O of the Income-tax Act, 1961 for income received from abroad. The court held that the firm was not entitled to deduct the entire amount of fees received from abroad, emphasizing that deductions should be computed based on the Act's provisions. The court sided with the Revenue, denying the firm's claim and allowing the carry forward of losses and unabsorbed depreciation. The Revenue was awarded costs of Rs. 1,000. en-us Wed, 11 Feb 1998 00:00:00 +0530 Mon, 31 Aug 2009 11:24:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15950 The High Court of Madras ruled against a firm of consultants seeking a deduction under section 80-O of the Income-tax Act, 1961 for income received from abroad. The court held that the firm was not entitled to deduct the entire amount of fees received from abroad, emphasizing that deductions should be computed based on the Act's provisions. The court sided with the Revenue, denying the firm's claim and allowing the carry forward of losses and unabsorbed depreciation. The Revenue was awarded costs of Rs. 1,000. Case-Laws Income Tax Wed, 11 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15950