2023 (11) TMI 90 - SCH - Income Tax

Scope of of Sections 44BB(1) and 44BB(2) - computation of the presumptive taxable income of the assessee service tax collected in the course of provision of services and facilities in connection with, or supply of plant and machinery on hire, in the prospecting for, or extraction or production of, mineral oils in India - As decided by HC amount reimbursed to the assessee (service provider) by the ONGC (service recipient), representing the service tax paid earlier by the assessee to the Government of India, would not form part of the aggregate amount referred to in Clauses (a) and (b) of sub-section (2) of Section 44 BB HELD THAT - We are not inclined to interfere in the matter. Special Leave Petition is dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition due to a delay of 216 days in filing, but condoned the delay and heard the Additional Solicitor General on the case's merits. The Court decided not to interfere in the matter, and the petition was dismissed.