https://www.taxtmi.com/caselaws?id=438196 Oil wells used in mineral oil extraction were treated as plant and machinery for depreciation purposes, so the higher 60% rate applied to oil field equipment as well. Additional depreciation under section 32(1)(iia), foreign exchange gain treatment under section 43A, deduction under section 80IB(9), and depreciation on participating interest were remanded for verification or fresh adjudication. Technical service charges paid to the head office were held allowable because the services did not satisfy the make available condition under the India-US treaty. Preliminary drilling expenditure was treated as revenue expenditure, and disallowance for short deduction of tax under section 40(a)(ia) was held unsustainable. en-us Fri, 19 May 2023 00:00:00 +0530 Wed, 31 Jan 2024 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438196 Oil wells used in mineral oil extraction were treated as plant and machinery for depreciation purposes, so the higher 60% rate applied to oil field equipment as well. Additional depreciation under section 32(1)(iia), foreign exchange gain treatment under section 43A, deduction under section 80IB(9), and depreciation on participating interest were remanded for verification or fresh adjudication. Technical service charges paid to the head office were held allowable because the services did not satisfy the make available condition under the India-US treaty. Preliminary drilling expenditure was treated as revenue expenditure, and disallowance for short deduction of tax under section 40(a)(ia) was held unsustainable. Case-Laws Income Tax Fri, 19 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438196