The Tax Publishers2019 TaxPub(DT) 6922 (SC)

INCOME TAX ACT, 1961

Section 80-O

Counsel for the appellant, on instructions, in terms of the Circular, dated 22-8-2019 bearing number F.No. 390/Misc./116/2017-JC issued by Department of Revenue, Ministry of Finance, sought permission to withdraw this appeal along with pending applications therein due to low tax effect. Permission was granted, subject to just exceptions. Appeal and pending applications were dismissed as withdrawn, leaving question of law open.

Deduction under section 80-O - Income from rendering technical services outside India received in convertible foreign exchange - Allowability -

Assessee had rendered technical services out of India as buying agent and thus claimed deduction under section 80-O. AO disallowed the deduction claimed by assessee on the ground that assessee had merely rendered managerial services not of technical nature and thus requirement of section 80-O was not satisfied. High Court allowed the deduction claimed by assessee. Held: Counsel for the appellant, on instructions, in terms of the Circular, dated 22-8-2019 bearing number F.No. 390/Misc./116/2017-JC issued by Department of Revenue, Ministry of Finance, sought permission to withdraw this appeal alongwith pending applications therein due to low tax effect. Permission was granted, subject to just exceptions. Appeal and pending applications were dismissed as withdrawn, leaving question of law open.

REFERRED : Li and Fung India (P) Ltd. v. CIT (2008) 305 ITR 105 (Del) : 2008 TaxPub(DT) 1852 (Del-HC)

FAVOUR : In assessee's favour

A.Y. :



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