TMI Blog2016 (11) TMI 739X X X X Extracts X X X X X X X X Extracts X X X X ..... old that the consideration received by the applicant from the, alleged contract will be taxable in terms of Section 44BB. - A.A.R. NO. 1701 OF 2015 - - - Dated:- 4-7-2016 - JUSTICE V.S. SIRPURKAR, CHAIRMAN A.K. TEWARY, MEMBER (REVENUE) AND R.S. SHUKLA, MEMBER (LAW) For The Appellant : Taranpreet Singh, FCA For The Department : S.S. Negi, JCIT-DR(AAR), ND RULING Justice V.S. Sirpurkar, Chairman - The applicant is a Russian company incorporated under the laws of Russia and is a tax resident of Russia. 2. The applicant is engaged in the business of rendering geophysical services to oil and gas exploration industry. Its core business activity includes 2D/3D seismic data acquisition in shallow water and transition zone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .6.2016, the revenue has relied on the same reply of dated 31.5.2016. They have mentioned in the reply of dated 31.5.2016 that this matter is covered by the Apex Court's judgment dated 1.7.2015 in ONGC Ltd. v. CIT [2015] 376 ITR 306. They have also indicated in their reply that the Apex Court has held that the works carried out by the applicant are liable to be covered under the provisions, of Section 44BBof Income Tax Act. 7. In short, the Department seems to have agreed with the contention raised by the applicant that the activities of the applicant in this case are covered in the language of Section 44BB of the Income Tax Act. We also do not find anything to take any other view of the matter, there can be no dispute that the activ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t received or deemed to be received in India by or on behalf of the assessee on account 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 outside India. [(3) Notwithstanding anything contained in sub-section (1) an assessee may claim lower profits and gains than the profits and gains specified in that sub-section, if he keeps and maintains such books of account and other documents as required under sub-section (2) of section 44AA and gets his accounts audited and furnishes a report of such audit as required under section 44AB, and thereupon the Assessing Officer shall proceed to make an assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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