( 1 ) THIS judgement will cover ITRs 132 to 135 of 1978. Expressing doubt about the correctness of ratio indicated in CIT v. Marketing Research Corporation, (1987) 61 ITR 204, reference has been made by a Division Bench for interpreting the scope and ambit of Section 80-O of the Income-tax Act, 1961 (in short, the Act ).

( 2 ) BACKGROUND in which the reference has been made is as follows: At the instance of Revenue, the Income-tax Appellate Tribunal (in short, Tribunal) referred following two questions for opinion of this Court under Section 256 (1) of the Act: -

"1. Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the assessee is entitled exemption under Section 80-O on the gross receipts and not on the net income ? 2. Whether on the facts and in the circumstances of the case, the Tribunal was correct in law in deleting the disallowances made by the ITO of the consultation fees and commission paid to the Managing Director Sh. T. K. Roy ?" During hearing of the references, learned counsel for Revenue submitted that issues stand concluded in view of the judgment in Marketing Research Corporation s case (supra ).