2000 (3) TMI 1087

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....itioner : R. C. Pandey, Prem Lata Bansal For the Respondent : P. V. Kapur, Rajiv Kapur, Sanjiv Sabherwal JUDGMENT D. K. Jain, J. By a consolidated statement of the case in respect of the asst. yrs. 1968-69 to 1971-72, at the instance of the Revenue, the following questions have been referred by the Tribunal, Delhi Benches, for our decisions : "1. Whether, on the facts and in t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsel for the Revenue has also placed reliance on another decision of this Court in Motilal Pesticides (India) (P) Ltd. vs. CIT (1994) 207 ITR 636(Del) : TC 25R.237 and a decision of the Madras High Court in CIT vs. M.K. Raju Consultants (P) Ltd. (1999) 239 ITR 232(Mad). 3. On the other hand, Mr. P.V. Kapoor, learned senior counsel for the assessee, has submitted that since the decision in the c....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ITR (St) 47], having material bearing on the interpretation of s. 80-O has also not been noticed in the judgment of this Court. We are included to agree with learned counsel for the assessee. 4. In Marketing Research Corporation's case (supra), following the judgment of the Supreme Court in Distributors (Baroda)'s case, by a short order, it was held as under : "It is not necess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... materia and, therefore, the principle of law laid therein applied in a case involving the interpretation of s. 80-O as well. 5. Having perused some of the decisions of the High Courts dealing with s. 85, as it existed prior to the insertion of s. 80-O, we are of the view that the issue involved namely, whether while calculating the deduction under s. 80-O, expenditure, direct or indirect, incu....