- (1.) THIS appeal at the instance of the assessee gives rise to a highly debated but interesting intricate, legal question as to whether or not the appellant-assessee (hereinafter referred to as the "assessee") was entitled to claim deduction under Section 80hhc, or in the alternative, under Section 80-O of the IT Act, 1961 (hereinafter referred to as "the Act" for short), in the assessment of the asst yr 1996-97 The History of adjudication
(2.) THE history of adjudication proceedings of the case can be stated quite shortly before touching the question of law involved in the present appeal
(3.) THE assessee in this case is an individual by status and is a leading producer of Hindi films The assessee has filed his return of income for the asst yr 1996-97 on 30th Oct, 1996, declaring his income in the sum of Rs. 9,60,970 and claiming deduction of Rs. 84,36,746 under Section 80hhc in respect of export of beta-cam tapes with rights attached thereto;