https://www.taxtmi.com/caselaws?id=763270 ITAT Chennai ruled in favor of a non-resident company that offered income under Section 44BB on presumptive basis at 10% of gross receipts from an Indian project office. The tribunal held that Section 44BB contains a non obstante clause excluding application of Sections 28-41 and 43-43A, including Section 40(a)(i). Since the provision provides a complete code for computing income from mineral oil exploration business, the excluded provisions cannot be applied. The disallowance under Section 40(a)(i) was deleted as the AO had accepted the returned income computed under Section 44BB. en-us Fri, 17 May 2024 00:00:00 +0530 Tue, 17 Dec 2024 08:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763270 ITAT Chennai ruled in favor of a non-resident company that offered income under Section 44BB on presumptive basis at 10% of gross receipts from an Indian project office. The tribunal held that Section 44BB contains a non obstante clause excluding application of Sections 28-41 and 43-43A, including Section 40(a)(i). Since the provision provides a complete code for computing income from mineral oil exploration business, the excluded provisions cannot be applied. The disallowance under Section 40(a)(i) was deleted as the AO had accepted the returned income computed under Section 44BB. Case-Laws Income Tax Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763270