2008 (10) TMI 387

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....hich read as under :   "(1) Whether the true scope and correct interpretation of section 37(1), section 80HHB and section 9(1)(i) read with sections 4 and 5 of the Income-tax Act, 1961, and other provisions and whether, on the facts and circumstances of the case and in law, the hon'ble Tribunal is right in allowing the appeal of the assessee and allowing the deduction of expenditure of Rs.....

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....he profit earned in Oman ?   2. As regards the first question is concerned, the counsel on both the sides agree that similar question raised by the Revenue in Income Tax Appeal (Lodg.) No. 921 of 2006 (CIT v. Essar Oil Ltd.) has been dismissed by us today, i.e., on October 16, 2008.   3. So far as the second question is concerned, it is not in dispute that the assessee had executed....

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....facts of the present case relating to grant of reduction under section 80HHB of the Income-tax Act because the loan amount was paid in foreign currency is not disputed and even if the entire foreign currency was brought into India, the assessee would have been required to remit the foreign currency to discharge the loan taken in foreign currency for executing the project. Therefore, the second que....