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TMI Blog2013 (10) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... IGH COURT], and submitted that the case of the assessee is covered by the said decision – Through the decision in the abovementioned case, an impression was given by the assessee, itself, to the Tribunal that any payment received by an assessee, who falls within Section 44BB, will be taxed in accordance with the mandate contained therein - In the grounds of appeal, there is not even a single whisp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ging operation in oil well. This finding was not under challenge at any stage. The Assessing Officer as well as the first Appellate Authority felt that the loss of equipment / tools while executing the job assigned under the contract was very much incidental to the assessee s business activities, which involve such equipment loss in normal course. At the instance of the assessee, the matter went b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or payable to the assessee or deemed to be received by the assessee; whereas, income has been defined under Section 2(24) of the Income Tax Act and Section 5 Section 9 deal with income and accrued income and deemed income. In other words, an impression was given by the assessee, itself, to the Tribunal that any payment received by an assessee, who falls within Section 44BB, will be taxed in ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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