https://www.taxtmi.com/caselaws?id=355922 The Income Tax Appellate Tribunal (ITAT) upheld the Directional Revenue Procedure's (DRP) decision to apply a deemed profit rate of 10% under Section 44BB for revenues earned by the assessee, dismissing the revenue's appeal. The ITAT affirmed that the services provided were related to prospecting, extraction, or production of mineral oil, falling within the ambit of Section 44BB. The ITAT's decision was supported by relevant case laws, including the Supreme Court ruling in ONGC v. CIT, emphasizing the taxable nature of the services under Section 44BB. en-us Thu, 15 Feb 2018 00:00:00 +0530 Wed, 21 Feb 2018 06:29:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355922 The Income Tax Appellate Tribunal (ITAT) upheld the Directional Revenue Procedure's (DRP) decision to apply a deemed profit rate of 10% under Section 44BB for revenues earned by the assessee, dismissing the revenue's appeal. The ITAT affirmed that the services provided were related to prospecting, extraction, or production of mineral oil, falling within the ambit of Section 44BB. The ITAT's decision was supported by relevant case laws, including the Supreme Court ruling in ONGC v. CIT, emphasizing the taxable nature of the services under Section 44BB. Case-Laws Income Tax Thu, 15 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355922