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2012 (6) TMI 111 - AT - Income TaxApplication of section 44D or section 44BB - revision u/s 263 - providing equipment and services in connection with prospecting and extraction or production of mineral oil. - Leasing of seismic vessel to to the CGG - CGG used the vessel for collecting seismic data for the ONGC Ltd. - held that:- In fact, nothing prevented the ld. Director of Income-tax to give a finding that the case did not fall u/s 44BB but fell u/s 44D as the relevant agreement was on record. Further, on the basis of ruling in the case of Wavefield Inseis ASA, In re (2009 (12) TMI 5 (AAR)), it can be said that two views are possible in the matter, as the view taken by the ld. AAR in similar circumstances is that the provisions contained in section 44BB are applicable. In such a situation also, the order cannot be said to be erroneous and prejudicial to the interest of revenue as following one permissible course of action rather than the other does not lead to an order which is erroneous and prejudicial to the interest of revenue. Accordingly, it is held that the ld. Director of Income-tax erred in setting aside the matter on this ground.
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