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2016 (11) TMI 739

Head Note / Extract:
Hiring of services for 3D OBC Seismic Data Acquisition & Processing in Sector-II - taxability in India in accordance with section 44BB(1) - Held that:- As decided in OIL & NATURAL GAS CORPORATION LIMITED Versus COMMISSIONER OF INCOME TAX & ANOTHER [2015 (7) TMI 91 - SUPREME COURT] the works carried out by the applicant are liable to be covered under the provisions, of Section 44BB of Income Tax Act.

We have taken the same view in four earlier rulings and, therefore, we are convinced that the provisions of Section 44BB being a special provision was brought into existence to encourage the activities of mineral exploration.We accordingly hold that the consideration received by the applicant from the, alleged contract will be taxable in terms of Section 44BB.

 


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