- (1.) The Income-tax Appellate Tribunal, Delhi, has referred the following question of law under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for opinion to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in allowing claim of the assessee in respect of deduction under Section 80HH of the Income-tax Act, 1961 ?"
(2.) Briefly stated the facts involved in the present case are as under :
(3.) The present reference relates to the assessment year 1982-83. The respondent company filed a return showing the income as follows : Rs. "3. Profits and gains of business or profession. As shown against26,02,017 col. (d) 7. Deduction : Unabsorbed losses/allowances brought forward 3,84,11,053 from earlier years and investment allowance/developmentrebate/allowance 8. Gross total income (-) 3,58,09,036;