https://www.taxtmi.com/caselaws?id=254809 The Tribunal condoned the delay in filing the Cross Objection by the assessee, accepted the revised computation of income for Cairn Energy but not for ONGC, emphasized the correct determination of receipts, and directed the application of Section 44BB of the Income Tax Act to the accurate receipts from both companies. The Tribunal stressed the AO's duty to determine the correct tax liability and instructed a reevaluation of the ONGC receipts. The decision highlighted the significance of precise tax calculations and the AO's role in ensuring accurate income assessment. en-us Fri, 19 Dec 2014 00:00:00 +0530 Thu, 01 Jan 2015 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254809 The Tribunal condoned the delay in filing the Cross Objection by the assessee, accepted the revised computation of income for Cairn Energy but not for ONGC, emphasized the correct determination of receipts, and directed the application of Section 44BB of the Income Tax Act to the accurate receipts from both companies. The Tribunal stressed the AO's duty to determine the correct tax liability and instructed a reevaluation of the ONGC receipts. The decision highlighted the significance of precise tax calculations and the AO's role in ensuring accurate income assessment. Case-Laws Income Tax Fri, 19 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254809