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2015 (1) TMI 8 - AT - Income TaxComputation of profit u/s 44BB - Correction / modification in the ITR - AO took the positive figure and ignored the negative figure - extraction or production of mineral oils - Applicability of Goetze (India) Limited Versus Commissioner of Income-Tax [2006 (3) TMI 75 - SUPREME Court] – Held that:- In Chicago Pneumatic India Ltd. Versus Deputy Commissioner of Income-tax, Special Range-45, Bombay [2007 (3) TMI 409 - ITAT MUMBAI] applicability of the decision in Goetze (India) Limited Versus Commissioner of Income-Tax [2006 (3) TMI 75 - SUPREME Court] wherein it has been held that it is the duty of the AO to determine the correct tax liability of the assessee - during the assessment proceedings the assessee did not make any new claim but only modified the figure of receipts from Cairn Energy and ONGC - The AO accepted the modification of the receipts from Cairn Energy which was upward revision but did not accept the modification of receipts from ONGC which was downward revision - the correct determination of receipts is a part of the duty of the AO and he cannot refuse to determine the correct receipts from ONGC - in Goetze (India) Ltd. V. CIT, deduction claimed by way of a letter before AO, was disallowed on the ground that there was no provision under the Act to make amendment in the return without filing a revised return - Appeal to the Supreme Court, as the decision was upheld by the Tribunal and the High Court, was dismissed making clear that the decision was limited to the power of assessing authority to entertain claim for deduction otherwise than by revised return, and did not impinge on the power of Tribunal. The assessee’s correct receipts from the contract of Cairn Energy as well as ONGC needs to be determined and thereafter Section 44BB should be applied on the correct receipts - so far as the receipts from Cairn Energy is concerned, now there remains no dispute - The only dispute remains is with regard to the receipts from ONGC which was originally disclosed by the assessee as ₹ 153.13 crores which was sought to be reduced to ₹ 143.85 crores - AO rejected the assessee’s claim on technical ground and did not go into the question that what was the correct receipts of the assessee from ONGC – thus, the order of the authorities below is set aside on this limited point and direct the AO to determine the correct receipts from ONGC in the year under consideration and thereafter apply Section 44BB - the assessee is directed to produce necessary evidences with regard to correct receipts before the AO – Decided in favour of assessee.
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