2012 (11) TMI 1142

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..... her ITAT was correct in holding that mobilization charges be excluded from the gross revenues for the purpose of computation of income under Section 44BB of the Income Tax Act, 1961? This question has been answered by this Court in Sedco Forex International Inc. vs. Commissioner of Income Tax and another, reported in (2008) 299 ITR 238. We, accordingly, answer the said question, raised in the pres .....

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..... 44BB. In the accounts, unabsorbed depreciation was carried forward to the next year. It could not be pointed out that the same was done contrary to any accounting principle. That being the situation, the question is answered in favour of the assessee and against the appellants, inasmuch as, in the accounts, it has been shown that the profit, in fact earned, was less than the deemed profit mentione .....

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