1982 (10) TMI 20

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....J.-Amongst its other activities the petitioner-company, which is incorporated under the Companies Act, 1956, carries out scientific tests in its research laboratory in India. G. D. Searle & Co., which is incorporated in the United States of America, imports psyllium husks from India required to conform to its quality specifications. An agreement was entered into on 1st January, 1975, between the p....

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.... petitioner in India, hence, s. 80-0 was not applicable. Hence, the present appeal. The only question that arises in this appeal is whether the CBDT is liable to grant approval to the petitioner's agreement under s. 80-0. In order to ascertain whether s. 80-0 would or would not be applicable, reference to the relevant terms of the agreement dated 1st January, 1975, between the petitioner and G.....

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....nd, reference can conveniently be made to s. 80-0 of the I.T. Act, the relevant excerpts whereof are as under? " Where the gross total income of an assessee, being an Indian company, includes any income by way of ... payment received by the assessee from ... a foreign enterprise in consideration for the use outside India of... information concerning industrial, commercial or scientific knowledg....

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....lium husk conformed to the specifications of G. D. Searle & Co. This is manifest from the terms of the agreement itself. In other words, all that the petitioner did was to send to G. D. Searle & Co. in the U.S.A. the test results with the requisite certificate whether the article fell within the required specifications. Such is the purpose of the agreement dated 1st January, 1975. What was given b....