https://www.taxtmi.com/caselaws?id=179995 The High Court ruled in favor of the assessee on both issues presented. Mobilization charges were held to be excluded from gross revenues for income computation under Section 44BB, following the precedent set in Sedco Forex International Inc. vs. Commissioner of Income Tax. Additionally, the Court allowed the set off of unabsorbed depreciation against current year income under Section 44BB, emphasizing compliance with accounting requirements and finding that the actual profit earned was less than the deemed profit specified in the Act. en-us Mon, 26 Nov 2012 00:00:00 +0530 Mon, 14 Mar 2016 18:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179995 The High Court ruled in favor of the assessee on both issues presented. Mobilization charges were held to be excluded from gross revenues for income computation under Section 44BB, following the precedent set in Sedco Forex International Inc. vs. Commissioner of Income Tax. Additionally, the Court allowed the set off of unabsorbed depreciation against current year income under Section 44BB, emphasizing compliance with accounting requirements and finding that the actual profit earned was less than the deemed profit specified in the Act. Case-Laws Income Tax Mon, 26 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179995