https://www.taxtmi.com/caselaws?id=236693 The Tribunal upheld the deletion of expenditure for exploration and production of oil and gases as revenue expenditure. Profits from Oman and Qatar branches were held to be not taxable in India. Long-term capital gains from the sale of branches in Oman and Qatar were also held to be not taxable in India. Proportionate interest corresponding to the investment in jetty was allowed. Interest received from suppliers and employees was capitalized and adjusted against the cost of the project. Interest received from the escrow account was similarly treated. Bad debt related to Niko Resources Ltd. was allowed, while the issue of bad debt on account of advances given to various parties and employees was sent back to the Assessing Officer for further examination. en-us Wed, 28 Aug 2013 00:00:00 +0530 Fri, 25 Mar 2016 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236693 The Tribunal upheld the deletion of expenditure for exploration and production of oil and gases as revenue expenditure. Profits from Oman and Qatar branches were held to be not taxable in India. Long-term capital gains from the sale of branches in Oman and Qatar were also held to be not taxable in India. Proportionate interest corresponding to the investment in jetty was allowed. Interest received from suppliers and employees was capitalized and adjusted against the cost of the project. Interest received from the escrow account was similarly treated. Bad debt related to Niko Resources Ltd. was allowed, while the issue of bad debt on account of advances given to various parties and employees was sent back to the Assessing Officer for further examination. Case-Laws Income Tax Wed, 28 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236693