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TMI Blog2014 (12) TMI 478X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessee was aggrieved by the Commissioner's exercise of upholding the order of the Assessing Officer and that was in relation to the exploration activities carried out by the Assessee. The Assessee claimed a deduction under section 80IB(9) of the Income Tax Act, 1961. The argument of the Revenue was that the Assessee was neither engaged in commercial production nor any refining of mineral oil. The extraction of the said oil, therefore, does not result in any new product or new commodity coming into existence and the product sold and one extracted is identical. 4. The Tribunal in rejecting the ground of the Revenue upheld the order of the Commissioner. It held that the activity of the Assessee is identical to the one undertaken by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;ble Supreme Court and upheld the order of the Commissioner of Income-Tax(Appeals) to that extent. We do not see how a different view can be taken and on the same facts and circumstances. If the consortium partner was undertaking an identical activity, and was allowed the deduction, the Tribunal then neither acted perversely nor did it commit any error of law apparent on the face of the record in following and applying its own order to the Assessee before us. 5. We are surprised that the view which is imminently possible and cannot be termed as unreasonable or perverse is being questioned before us by the Revenue. It is unfortunate that the Revenue officials, often very senior, unmindful of the damage that they cause to larger public inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stallations from the contract area as well as perform the necessary site restoration, operation or process. This is in accordance with the International Petroleum Practices. Such explanation of the Assessee was supported by independent finding and carried out by Institute of Oil and Gas Production Technology. It is in these circumstances, and holding that explanation of this institute is in accordance with the view and guidelines issued by the Chartered Accountants of India that the Tribunal upheld the order of the Commissioner even on this issue. 8. Therefore, it is only to highlight as to how the Revenue questions and repeatedly, such possible conclusion that we referred to these facts and circumstances regarding this Assessee in detail. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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