2008 (4) TMI 289

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....he Commissioner of Income-tax (Appeals), Dehradun (hereinafter referred as "the CIT(A)"), is affirmed. The Commissioner of Income-tax (Appeals) allowed the appeal of the assessee and set aside the assessment order passed by the Assessing Officer under section 143(3) of the Income-tax Act, 1961. 2. Heard learned counsel for the parities. 3. The brief facts of the case are that Oil and Natural Gas Commission Limited (hereinafter referred as "the ONGC") is representative of the non-resident company (hereinafter referred as NRC) respondent-assessee in the case. The assessee has rendered its services to ONGC for the purposes of exploration, extraction and production of mineral oils. During the assessment year 2001-02, the assessee-NRC rend....

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....production of, mineral oils, a sum equal to ten per cent. of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head 'Profits and gains of business or profession': Provided that this sub-section shall not apply in a case where the provisions of section 42 or section 44D or section 115A or section 293A apply for the purposes of computing profits or gains or any other income referred to in those sections." 7. The above sub-section (1) of section 44BB of the Act contains the proviso quoted above which provides that the sub-section would not apply where the provisions of section 42, 44D, 115A or 293A are applicable in computing the profits and ....