( 1 ) ON the application of the Commissioner of Income-fax, the following question has been referred to us for our decision:

"whether on the facts and on the circumstances of the case the assessee was entitled to the benefit of section 80o of the income-tax Act. "the assessee, M/s. Indian Institute of Public Opinion Co. Pvt. Ltd. , entered into an agreement on January 1, 1967 with Roper Public Opinion Research Centre of the United States of America under which the Indian Institute had to furnish the American Centre, from time to time, with its know-how on measurement of public opinion and research in consideration of a payment of US $ 375 per quarter and expenses. The details of this agreement are not relevant for our present purpose. It is sufficient to say that under clause 6 of the agreement, it was to remain in force for a period of 12 months. The clause, however, provided that the agreement "thereafter shall remain in force until determination at any time by three months in writing by either of the parties". It is not in dispute that the agreement has not been determined by either of the parties and that it continued to remain in force during the relevant period.