1997 (11) TMI 93

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....essee on the entire amount of convertible foreign exchange receivable on account of the Nigerian contract without verifying whether the entire amount of such foreign exchange was received in India, the finding of the Tribunal that there is no good reason brought on record by the Commissioner for setting aside the assessment is based on any relevant evidence or perverse ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that section 80-O of the Income-tax Act, 1961, did not prescribe any time limit for bringing the convertible foreign exchange into India for the purpose of relief under that section ? (3) Whether, on the facts and in the circumstances of the case, and in view o....

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....a. While, therefore, setting aside the order of assessment relating to the deduction under section 80-O of the Act, he directed the Income-tax Officer to make a fresh assessment after due enquiry into the facts and with reference to the provisions of law as contained in section 80-O of the Act. He also directed the Income-tax Officer to give reasonable opportunity of being heard before the completion of the fresh assessment proceedings. The Tribunal, however, disagreed with the Commissioner of Income-tax and found that since there were some problems in receiving the entire amount of Rs. 45,64,536 because of some trouble regarding remittance in Nigeria, it observed that the assessee was entitled to full allowance at the rate of 50 per cen....