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2013 (7) TMI 809 - HC - Income TaxBenefit u/s 42 - business for prospecting, etc., for mineral oil - Whether the benefit u/s 42 was envisaged in the notice inviting tender and in the production sharing contracts but due oversight or mistake the same was not included and mentioned in the written contract and if so the effect thereof - Held that:- It is not possible to accept the contention of the petitioner that the benefit u/s 42 was inadvertently missed out or due to an oversight not included in the written contract - Court examined the original records and found that under the terms and conditions, as well as in the notes, no benefit u/s 42 was envisaged or was required to be granted -the statement of the learned Additional Solicitor General that the three letters mentioned above were factually incorrect - thus no legal right on the basis of the letters accrues/arises - no statement or promise that advantage u/s 42 would be available to the successful bidder was promised or made – petition decided against assessee.
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