https://www.taxtmi.com/caselaws?id=216581 The Tribunal ruled in favor of the assessee, a company providing oil field services, in a tax dispute involving the applicability of Section 44BB of the Income-tax Act, 1961. The Tribunal held that Section 44BB, a special provision for non-residents in the oil exploration sector, overrides general provisions and deems 10% of gross receipts as income. It concluded that the assessee's deduction of TDS at 4.1% on Bare Boat charges was valid under Section 44BB. The Tribunal also found no basis for disallowance under Section 40(a)(i) as the assessee correctly deducted TDS on the deemed income portion in accordance with statutory requirements. en-us Fri, 04 Feb 2011 00:00:00 +0530 Thu, 07 Apr 2016 17:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216581 The Tribunal ruled in favor of the assessee, a company providing oil field services, in a tax dispute involving the applicability of Section 44BB of the Income-tax Act, 1961. The Tribunal held that Section 44BB, a special provision for non-residents in the oil exploration sector, overrides general provisions and deems 10% of gross receipts as income. It concluded that the assessee's deduction of TDS at 4.1% on Bare Boat charges was valid under Section 44BB. The Tribunal also found no basis for disallowance under Section 40(a)(i) as the assessee correctly deducted TDS on the deemed income portion in accordance with statutory requirements. Case-Laws Income Tax Fri, 04 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216581