DIAMOND WORLD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) ON an application filed under s. 256(1) of the IT Act, 1961, the Tribunal has referred the following question for our opinion :

(2.) THE other questions proposed in the application were rejected.

(3.) MR. Ranka, learned counsel for the assessee-petitioner submits that when assessee received the amount against the advertisement in journal which is circulated out of India and amount is also received from abroad, assessee is entitled for deduction under s. 80HHC in respect of the amount received from abroad against advertisement. He further submits that when two views are possible CIT cannot set aside the order of AO under s. 263 of the IT Act, 1961. He also submits that Tribunal has confirmed the order of CIT on the basis that it does not come under the definition of export turnover given in sub-s. (4B) of s. 80HHC. MR. Ranka placed reliance on the decisions published in published in CIT vs. Trinity Hospital (1996) 131 CTR (Raj) 328 : (1997) 225 ITR 178 (Raj), Associated Cement Companies Ltd. vs. Commissioner of Customs 124 STC 59, Shri Dipak Dhar & Ors. vs. State of West Bengal & Anr. 61 STC 165, P.S. Apparels vs. Dy. CTO 94 STC 139, Scientific Engineering House (P) Ltd. (1985) 49 CTR (SC) 386 : (1986) 157 ITR 86 (SC) and State of Andhra Pradesh vs. National Thermal Power Corporation Ltd. & Ors. 127 STC 280.