https://www.taxtmi.com/caselaws?id=768038 The ITAT Delhi ruled in favor of the assessee regarding the application of presumptive taxation under section 44BB versus Fee for Technical Services under section 115A for well engineering services. The tribunal held that section 44BB is a special provision for computing profits from mineral oil exploration business. Following the SC precedent in Oil Natural Gas Corporation Ltd and CBDT Circular No. 1862 dated 22.10.1990, the tribunal found that lower authorities erred in rejecting the assessee's claim for assessment under section 44BB. The assessee's appeal was allowed. en-us Wed, 26 Mar 2025 00:00:00 +0530 Sat, 29 Mar 2025 08:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768038 The ITAT Delhi ruled in favor of the assessee regarding the application of presumptive taxation under section 44BB versus Fee for Technical Services under section 115A for well engineering services. The tribunal held that section 44BB is a special provision for computing profits from mineral oil exploration business. Following the SC precedent in Oil Natural Gas Corporation Ltd and CBDT Circular No. 1862 dated 22.10.1990, the tribunal found that lower authorities erred in rejecting the assessee's claim for assessment under section 44BB. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768038