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Income Tax - Highlights / Catch Notes

Home Highlights February 2019 Year 2019 This

For applicability of Section 44BB, it is necessary that the ...


Section 44BB: Vessels Must Have Tools and Tech for Mineral Oil Exploration, Extraction, or Production.

February 26, 2019

Case Laws     Income Tax     AT

For applicability of Section 44BB, it is necessary that the vessels given on hire by the Assessee are shown to be fitted with necessary equipments, and having the technical capacity for use in the prospecting for, or extraction or production of, mineral oils.

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