Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 134 - AT - Income TaxChargeability of the income arising from performance of associated drilling activity through the provision of oilfield equipment on hire along with operating personnel - Held that:- Keeping in view the ratio laid down by the Hon’ble Apex Court in the aforesaid referred to case of Oil & Natural Gas Ltd. Vs CIT & Anr. [2015 (7) TMI 91 - SUPREME COURT] set aside the impugned order and direct the AO to accept the claim of the assessee that its Revenue is chargeable to tax u/s 44BB of the Act and not u/s 115A of the Act. AO was not justified in holding that the income of the assessee arising from performance of associated drilling activity through the provisions of oil field equipment on hire along with operating personnel, used the exploration/prospecting/extraction of mineral oil were fees for technical services under Section 9(1)(vii) of the Act and was chargeable to tax @ 20% of the gross revenue u/s 115A of the Act and not taxable u/s 44BB of the Act. - Decided in favour of assessee
|