Home Case Index All Cases Income Tax Income Tax + AAR Income Tax - 2009 (12) TMI AAR This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (12) TMI 5 - AAR - Income TaxNon Resident - offshore seismic data acquisition and other associated services to global oil companies - . This data is collected on large storage tapes and then interpreted/processed by specialist professionals with the help of specialized equipments (computers and software) to present the subsurface data in a manner that it can help geologists draw conclusions about the existence of potential hydrocarbons in the area. Seismic surveys can paint a picture of the subsurface in order to better target oil and gas reserves. This results in fewer dry holes and even avoids drilling if seismic data suggests a low potential for oil and gas. – held that - . On the whole, it appears to us that the transaction falls more appropriately under the second limb of sub-section (1) of Section 44BB rather than the first limb – income to be computed u/s 44BB – rate of withholding tax is 4.223% - once provision of section 44BB are attached, provisions of section 44DA and 115-A can not be applied
|