TMI Blog2007 (10) TMI 219X X X X Extracts X X X X X X X X Extracts X X X X ..... is squarely covered under section 44BB – AO was justified in taking into account the total amount received by assessee for determining the profit & gains & imposing 10% tax u/s 44BB(1) – revenue appeal allowed - 85 of 2006 - - - Dated:- 8-10-2007 - P. C. VERMA and B. C. KANDPAL JJ. JUDGMENT The judgment of the court was delivered by P. C. VERMA J.— 1. This appeal under section 260A o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 69,45,264. The Assessing Officer, therefore, took into account the total amount received by the non-resident company for supply of spare parts to the ONGC under sub-section (2) of section 44BB for determining the profits and gains and imposed the tax at 10 per cent. under sub-section (1) of section 44BB of the Act. 3. Feeling aggrieved, the assessee filed an appeal before the Commissioner o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal having rejected the contentions of the Revenue in this regard, the Department has come up in appeal before us. 6. We have heard learned counsel for the parties and perused the record. 7. The substantial question of law which arises for consideration in this appeal is as under: "Whether learned Income-tax Appellate Tribunal was legally correct in law and on facts in holding that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of the provision of services and facilities in connection with, or supply of plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils in India. The Explanation appended to section 44BB provides that for the purposes of this section, plant includes ships, aircraft, apparatus and equipment used for the purposes of the said busines ..... X X X X Extracts X X X X X X X X Extracts X X X X
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