https://www.taxtmi.com/caselaws?id=259647 The Supreme Court dismissed the appeal, ruling that the appellant was not entitled to deductions under Section 42 of the Income Tax Act as the Production Sharing Contracts (PSCs) did not include specific provisions for such deductions. The Court held that Model Production Sharing Contract (MPSC) terms could not be incorporated into the PSCs, there was no evidence of an accidental omission, and declined to issue a mandamus to amend the contract. The decision was based on the clear terms of the PSCs and the legal principles governing contractual obligations. en-us Thu, 14 May 2015 00:00:00 +0530 Tue, 27 Sep 2016 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259647 The Supreme Court dismissed the appeal, ruling that the appellant was not entitled to deductions under Section 42 of the Income Tax Act as the Production Sharing Contracts (PSCs) did not include specific provisions for such deductions. The Court held that Model Production Sharing Contract (MPSC) terms could not be incorporated into the PSCs, there was no evidence of an accidental omission, and declined to issue a mandamus to amend the contract. The decision was based on the clear terms of the PSCs and the legal principles governing contractual obligations. Case-Laws Income Tax Thu, 14 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259647