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2011 (3) TMI 111 - AAR - Income TaxUnder section 44BB - Computation of income - The applicant is a non-resident assessee - It has entered into a contract with ONGC as well as Cairn Energy to conduct seismic survey and data acquisition activities - It has specialization for identifying the surface of the ocean for tapping gas and oil reserves - The seismic data (in processed form) is used to create highly accurate images of the earth's sub-surface which in turn are used by the exploration and production companies for locating potential oil and gas reserves based upon the geology observed - Held that: the income derived by the applicant under the contracts with ONGC and Cairn Energy is to be computed by applying the provisions of section 44BB of the Act.
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