https://www.taxtmi.com/caselaws?id=244716 The Tribunal determined that the non-resident entity's income from providing drilling and well services for mineral exploration should be computed under Section 44BB rather than Section 44DA of the Income-tax Act. The Tribunal upheld the CIT(A)'s decision, emphasizing the specific nature of the services related to mineral oil exploration. Consequently, the penalty under Section 271(1)(c) was canceled as there was no concealment of income or furnishing of inaccurate particulars, aligning with relevant legal precedents. The Revenue's appeal was dismissed, affirming the sustained decision on tax liability and penalty imposition. en-us Fri, 28 Feb 2014 00:00:00 +0530 Wed, 29 Oct 2014 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244716 The Tribunal determined that the non-resident entity's income from providing drilling and well services for mineral exploration should be computed under Section 44BB rather than Section 44DA of the Income-tax Act. The Tribunal upheld the CIT(A)'s decision, emphasizing the specific nature of the services related to mineral oil exploration. Consequently, the penalty under Section 271(1)(c) was canceled as there was no concealment of income or furnishing of inaccurate particulars, aligning with relevant legal precedents. The Revenue's appeal was dismissed, affirming the sustained decision on tax liability and penalty imposition. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244716