https://www.taxtmi.com/caselaws?id=272186 The Tribunal upheld the First Appellate Authority's decision in the case, confirming the Assessee's entitlement to deduction under section 42(1)(a) of the Act based on the relinquishment of the block as per the Production Sharing Contract terms. Regarding the claim for deduction under section 42(1)(b) of the Act, the Tribunal favored the Assessee, directing the issue back to the AO for proper verification. The matter of deduction claimed under section 80IB(9) of the Act was also restored to the AO for examination, resulting in the dismissal of the AO's appeal and partial allowance of the Assessee's appeal. en-us Fri, 19 Feb 2016 00:00:00 +0530 Sat, 27 Feb 2016 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272186 The Tribunal upheld the First Appellate Authority's decision in the case, confirming the Assessee's entitlement to deduction under section 42(1)(a) of the Act based on the relinquishment of the block as per the Production Sharing Contract terms. Regarding the claim for deduction under section 42(1)(b) of the Act, the Tribunal favored the Assessee, directing the issue back to the AO for proper verification. The matter of deduction claimed under section 80IB(9) of the Act was also restored to the AO for examination, resulting in the dismissal of the AO's appeal and partial allowance of the Assessee's appeal. Case-Laws Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272186