https://www.taxtmi.com/caselaws?id=11232 The High Court held that only 10% of corporate taxes paid by an Indian company on behalf of a foreign company for oil and gas operations should be taxed under section 44BB(2), not the entire amount as a perquisite under section 28(iv). The Court emphasized the non obstante clause in section 44BB, mandating taxation at 10% of the gross receipts. The decision aligned with a precedent from the Orissa High Court, rejecting the Assessing Officer's interpretation and ruling in favor of the assessee, providing clarity on tax treatment under the Income-tax Act, 1961. en-us Tue, 15 Jul 2003 00:00:00 +0530 Mon, 03 Aug 2009 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11232 The High Court held that only 10% of corporate taxes paid by an Indian company on behalf of a foreign company for oil and gas operations should be taxed under section 44BB(2), not the entire amount as a perquisite under section 28(iv). The Court emphasized the non obstante clause in section 44BB, mandating taxation at 10% of the gross receipts. The decision aligned with a precedent from the Orissa High Court, rejecting the Assessing Officer's interpretation and ruling in favor of the assessee, providing clarity on tax treatment under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 15 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11232