9911796707
TMI Blog2018 (4) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... laws of British Virgin Islands having its registered office at P.O. Box No.4627, Dubai, United Arab Emirates. The Indian project office situated at 921, Solitaire Corporate Park, 167 Guru Hargovindji Marg, Chakala, Andheri East, Mumbai and is engaged in the business of providing services and facilities in connection with exploration, exploitation and production of mineral oil in India. For the assessment Year 2010-11, the assessee filed their return of income on 13.10.2010, declaring taxable income of Rs. 246,667,735/- under the head 'profits and gains of business and profession' computed in terms of the presumptive tax scheme of Section 44BB of the Income-tax Act, 1961 (for short called "the Act". However, during scrutiny u/s 143(3)/144C(3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act and granted the credit of withholding taxes. 3. In appeal, by way of impugned order, learned CIT(A) deleted the additions and in that process he placed reliance on the decisions reported in the case of ONGC vs. CIT, 376 ITR 306 of the Hon'ble Apex Court, BJ Services of Uttarakhand High Court; of the coordinate bench of this Tribunal in the case of Precision Energy Services Ltd. Aggrieved by such findings of the learned CIT(A), revenue preferred this appeal on three issues. Firstly, whether the income of the assessee shall be taxed as per the provisions of Section 44AB; secondly, whether the service-tax forms part of receipts as per provision of Section 44B of the Act; and interest u/s 234B of the Act. 4. Heard arguments of both si ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order, the Bench while dealing with the addition qua equipment rental, service charges and sale of consumables and services rendered by assessee in connection with exploration/ prospecting/extraction of mineral oil held that the income arising on account of royalty/FTS, letting out of equipment etc. was to be taxed u/s 44BB. Appeal preferred against this order by the revenue in ITA No.76/14 and Income-tax Appeal No.27/15 was dismissed by the Hon'ble Uttarakhand High Court by order dated 6.8.15 and vide para No.6(i), the Hon'ble High Court decided the issue against the revenue. Since the issue of assessment of the revenue from PSC and non PSC contracts was substantially involved in ITA No.5282/2012 and batch and decided by the Tribunal and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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