2012 (7) TMI 176

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....e following grounds: "1. That the order of reassessment passed by the Income Tax Officer under Section 147 of the Income Tax Act is without jurisdiction, illegal and abinitio void. The proceedings under Section 148 of the Act were not properly initiated. 2. For that none of the conditions precedent for initiation of the proceedings u/s.148 of the Act were satisfied and/or fulfilled and the notice under Section 148 of the Act and all the proceedings initiated thereon and any order passed pursuant to the said notice is illegal and without jurisdiction and authority of law.   3. For that all materials and primary facts and evidence relevant for the purpose of assessment were truly and fully disclosed and there was no omission or failur....

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....eipts. It was his submission that for the immediately preceding assessment year, the issue of deduction under section 80-O had gone into done and the issue was in appeal before the ld. CIT(A). It was his submission that the ld. CIT(A) for the assessment year 1997-98 had directed that in view of the decision of the Hon'ble Jurisdictional High Court in the case of M.N.Dastur & Co. (2000) 243 ITR 10, the deduction under section 80-O would have been granted on the net income and not on the gross income. It was his submission that when computing the net income, the expenditure incurred on earning the said foreign income in respect of the Indian expenditure was liable to be proportionately disallowed. It was his submission that in the order of th....

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....the revenue, similar finding was liable to be given in the case of the assessee for the assessment year 1993-94. In reply, the ld. D.R. vehemently supported the orders of the ld. CIT(A). It was submission that the deduction under section 80-O had been rightly computed by the AO and the same has been rightly upheld by the ld. CIT(A). 5. We have heard the rival submissions. The submission of the ld. A.R. that the order of the ld. CIT(A) for the assessment year 1997-98 has been accepted by the revenue stands indisputed. The perusal of the order of the ld. CIT(A) for the assessment year 1997-98 clearly shows that the ld. CIT(A) has followed the decision of the Hon'ble Jurisdictional High Court in the case of M.N.Dastur & Co. referred to supra.....