TaxTMI 
TaxTMI 
2025 (5) TMI 1329
X X X X Extracts X X X X
X X X X Extracts X X X X
....for the respondent. 2. These appeals are admitted on the following substantial question of law: "Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in not allowing the special deduction under sec. 42 of the Income-tax Act, 1961 to the assessee for the years under consideration?" 3. At the outset, learned advocate Mr. B. S. Soparkar for the appellant submitted that the admitted question in these appeals are no more res-integra in view of the decision of the Hon'ble Supreme Court in case of Joshi Technologies International Inc. Versus Union of India. Learned advocate Mr. B.S. Soparkar invited the attention of this Court to the findings given by the Hon'ble Apex Court regarding the issue ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....her there was any intention between the contracting parties, namely, the MoPNG and the appellant for giving benefit of deductions under Section 42 of the Act? (iv) If so, whether non-inclusion of such a provision in the contract can be treated as accidental and unintentional omission. (v) If the answer to question no. (iv) is in the affirmative, whether mandamus can be issued by the Court to the parties to amend the contract and incorporate provisions to this effect? 36. We would now proceed to answer these questions seriatum. 37. Answer to question No.(i) - First and foremost aspect which has to be kept in mind while answering this issue is that the Income Tax Authorities while making assessment of income of any assessee have to ap....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he assessees. As is clear from the reading of this Section, these conditions are as under: (a) it grants such special allowances to those assessees who carry on business in association with the Central Government or with any person authorized by it; (b) business should relate to prospecting for, extracting or producing mineral oils, petroleum or natural gas; (c) there has to be an agreement in writing between the Central Government and the assessees in this behalf; (d) it is also a requirement that such an agreement has been laid on the Table of each House of Parliament; (e) the allowances which are claimed are to be necessarily specified in the agreement entered into between the two contracting parties; and (f) allowances are t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pulations, a mandatory requirement, in the PSCs. 41. The appellant is conscious of this position. It is for this reason the attempt of the appellant was to read the provisions of MPSC into the agreement. That bring us to the second issue. 42. Answer to question no.(ii) - Endeavour of Mr. Ganesh, on this aspect, was to show that the bids were invited on the basis of terms stated in the MPSC which specifically mentioned about deductions under Section 42 of the Act. He also endeavored to demonstrate that thee appellant had submitted its bid keeping in view such a categorical stipulation in the MPSC. He also pointed out that on MPSC, opinion of Law Ministry was solicited vide Memo dated 22-06-1992 and that the Ministry of Law gave its opini....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ernment has agreed to enter into this Contract with the Companies with respect to the area referred to in Appendices A & B of this Contract on the terms and conditions herein set forth. Article 1 - In this Contract, unless the context requires otherwise, the following terms shall have the meaning ascribed to the then hereunder: xxx xxx xxx Article 1.18 "Contract" means this agreement and the Appendices mentioned herein and attached hereto and made an integral part hereof and any amendments made thereto pursuant to the terms hereof. Article 32 - ENTIRE AGREEMENT, AMENDMENTS, WAIVER AND MISCELLANEOUS 32.1 This Contract supersedes and replaces any previous agreement of understanding between the Parties, whether oral or written, on th....