2000 (7) TMI 69

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oted that the application of the respondent before us under section 80-O of the Income-tax Act, 1961, in regard to the two agreements that had been entered into by it on January, 3, 1979, and February 20, 1979, with a party in the United States of America were not approved for the assessment year 1981-82 on the ground that they had been produced only on September 30, 1982. The Division Bench said,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion 119. The provisions of section 80-O mandate the production of the agreements in respect of which relief is sought, "before the 1st day of October of the assessment year in relation to which the approval is first sought", and there is no provision for the condonation of such delay. There was also no application before the Central Board for condonation of delay. In the circumstances, the High ....