https://www.taxtmi.com/caselaws?id=334721 The Authority for Advance Rulings ruled that revenues earned by a Russian company from a contract with ONGC are taxable under Section 44BB of the Income Tax Act, aligning with a previous judgment involving ONGC. The Authority emphasized the legislative intent to promote mineral exploration activities, leading to the conclusion that the applicant's activities fell within the scope of Section 44BB. As a result, the consideration received under the contract with ONGC was deemed taxable based on this determination, resulting in the disposal of the application. en-us Mon, 04 Jul 2016 00:00:00 +0530 Thu, 22 Dec 2016 22:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334721 The Authority for Advance Rulings ruled that revenues earned by a Russian company from a contract with ONGC are taxable under Section 44BB of the Income Tax Act, aligning with a previous judgment involving ONGC. The Authority emphasized the legislative intent to promote mineral exploration activities, leading to the conclusion that the applicant's activities fell within the scope of Section 44BB. As a result, the consideration received under the contract with ONGC was deemed taxable based on this determination, resulting in the disposal of the application. Case-Laws Income Tax Mon, 04 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334721