Feb 01: Income Tax Appellate Tribunal (Tribunal) has ruled that cementing services which are inextricably linked with activities of prospecting for, extraction or production of mineral oil would not qualify as fees for technical services.
8This decision reaffirms the view held by the court income from activities which are inextricably linked with prospecting for or extraction or production of mineral oil are also to be excluded from the definition of FTS and accordingly such income would be taxed under the provisions of section 44BB of the Act instead of 44DA.
8Find out more on how this is going to impact your business.
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