TaxTMI 
TaxTMI 
2026 (3) TMI 885
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....rder dated 25.05.2023 for Assessment Year 2020-21. 2. The brief facts of the case are, during the assessment proceedings, the Assessing Officer ('AO') noticed that the assessee has claimed refund of Rs. 59,79,820/- against TDS amounting to Rs. 59,79,820/-. Such TDS was deducted by Oil and Natural Gas Corporation Limited (ONGS) u/s 195 of the Act, in it's ITR. The assessee has reported an amount of Rs. 108,27,23,947/- as exempt in the Schedule EI: Exempt Income. In order to examine the veracity of the assessee's claims, notices u/s 142(1) along with questionnaires were issued to it from time to time. 3. The assessee is a company incorporated under the laws of France. It operates in the seismic acquisition industry. It is engaged in the....
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....ix months. 3.2 With the above observation, the Assessing Officer relied on Article 5 of the India-France DTAA and Section 9(1)(i) of the Act to conclude that the assessee is having a Permanent Establishment (PE) in India. Therefore, the profit is attributable to the PE, whether directly or indirectly, is chargeable to tax in India. With the above observation, by applying special provision for computing profits and gains in connection with the business of exploration of mineral oils under Section 44BB of the Act, he determined that 10% of the funds received by the assessee from ONGC is attributable to the PE in India to the extent of Rs. 10,82,72,395, accordingly, he passed a draft assessment order. 4. Aggrieved, the assessee preferred....
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....al change in facts and circumstances of the case, the Revenue authority will not depart from its previous decisions at their own sweet will. 6. That on the facts and circumstances of the case, the Ld. AO had not framed the final assessment order in complete conformity with the directions of the Ld. DRP. That the Appellant reserves its right and prays to the Hon'ble Tribunal to permit the Appellant to add, alter. amend, vary or substitute any of the aforesaid ground(s) of Appeal before or at the time of hearing of the present appeal" 6. At the time of hearing, the learned AR of the assessee brought to our notice the relevant facts of the case and submitted that the assessee is a French company which supplies machiner....
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....ontracts with ONGC. The assessee has been in this business for the past several years and it is also a fact on record that it is a tax resident of France, and the relevant TRC for the year under consideration was duly filed by the assessee. The fact is that the assessee has supplied various machineries relating to seismic equipment in the field of oil exploration to ONGC and the same was supplied on the basis of ex-works from the terms of delivery, we observed that the assessee has supplied the complete material on CFR (Cost and Freight) basis from the designated sea port to sea ports in India. As per the terms of supply, the installation and commissioning of equipment shall be completed within 60 days from the date of intimation by ONGC. T....