Commissioner Of Income-Tax, Indore vs Panama Chemicals Works

The Supreme Court granted special leave and directed the Tribunal to refer a question of law to the High Court regarding the applicability of Section 80I of the Income Tax Act. The Court questioned whether the Tribunal was justified in allowing the assessee's claim despite the absence of the required audit report in Form No. 10-CCB with the return of income. The outcome was the disposal of the appeals with a directive for further legal clarification.