2023 (12) TMI 658 - SCH - Income Tax

Scope of of Sections 44BB(1) and 44BB(2) - amount paid or payable for the purpose of computation of the presumptive taxable income - whether the service tax collected by the assessees 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, was liable to be included in the amount paid or payable for the purpose of computation of the presumptive taxable income of the assessee? - as decided by HC 2022 (11) TMI 385 - UTTARAKHAND HIGH COURT 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 of the Income Tax Act. HELD THAT - We are not inclined to interfere in the matter. The special Leave Petition is dismissed

Summary

The Supreme Court dismissed the Special Leave Petition due to a delay of 283 days, but heard the petitioner's counsel on the case's merits. The delay was condoned, and the court decided not to interfere in the matter. Pending applications were disposed of.