Form 26AS evidence requires successor-entity accounting verification after business transfer, while invoice-supported related-party advertising expend...
Money-laundering judgment timing requires awaiting the scheduled-offence decision despite continuation of the underlying trial where outcomes directly...
Accredited investor eligibility expands through securities-market exposure, while alternative investment fund disputes require prescribed resolution a...
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The non-resident assessee company offered income on a presumptive basis u/s 44BB at 10% of gross receipts from a project office in India. The Assessing Officer accepted the returned income. Section 44BB, with its non-obstante clause, excludes the application of Sections 28 to 41 and Sections 43 and 43A, including Section 40(a)(i), for computing income from the business of exploration of mineral oils. The transactions were between two non-residents outside India. Following the Supreme Court's decision in CIT vs. Vantage International Management Co, service tax/GST receipts should not be included in the aggregate amounts u/s 44BB(2) since they are not received for services provided in prospecting, extraction or production of mineral oils. Consequently, the disallowance u/s 40(a)(i) was deleted, and the matter was decided in favor of the assessee.
The non-resident assessee company offered income on a presumptive basis u/s 44BB at 10% of gross receipts from a project office in India. The Assessing Officer accepted the returned income. Section 44BB, with its non-obstante clause, excludes the application of Sections 28 to 41 and Sections 43 and 43A, including Section 40(a)(i), for computing income from the business of exploration of mineral oils. The transactions were between two non-residents outside India. Following the Supreme Court's decision in CIT vs. Vantage International Management Co, service tax/GST receipts should not be included in the aggregate amounts u/s 44BB(2) since they are not received for services provided in prospecting, extraction or production of mineral oils. Consequently, the disallowance u/s 40(a)(i) was deleted, and the matter was decided in favor of the assessee.
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