2001 (3) TMI 814

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....an appeal filed by the revenue against the order of the learned Commissioner of Income-tax (Appeals) III, Mumbai, dated 4-12-1991, raising the following ground of appeal : "On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in holding that irrespective of the provisions of section 80AB, the deduction under section 80RR is available at 25 per cent on the entir....

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....been maintained by the assessee in respect of the income from the foreign countries, the deduction is allowed @ 25 per cent of professional income attributable to the receipts of Rs. 4,39,496, the total receipts to be taken at Rs. 20,50,548 consisting of professional receipts and royalty." 3. The Commissioner of Income-tax (Appeals) followed his order for the assessment year 1987-88 had observe....

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....2039/Bom./92 for the assessment year 1986-87 passed in the assessee's own case in favour of the assessee. He pointed out that in the assessment year 1986-87 order a rectification, under section 154 was passed by the Assessing Officer disallowing 25% of the claim made by the assessee and allowed by Assessing Officer under section 80RR. He also brought to our notice the Tribunal order for the assess....

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....on under section 80RR was allowable on the entire amount brought into India by the assessee in convertible foreign exchange. He also relied on the decision of the ITAT, Mumbai Bench (SB) in the case of Petroleum India International v. Dy. CIT [1999] 71 ITD 31 (241 ITR (AT) [page 43], though it pertains to section 80-O. 6. We have considered the rival submissions and the facts and circum-stances....