1998 (7) TMI 71

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....by the Central Board of Direct Taxes granting approval under section 80-O of the Income-tax Act, 1961, to the agreement dated November 2, 1983, which is in question. Clause 2 of the approval reads as under: "2. The income allowable as a deduction for the assessment year 1981-82 and onwards would be the income computed after accounting for expenses incurred in earning such income, i.e., net inco....