B G EXPLORATION & PRODUCTION INDIA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME, DDIT/ ADIT (INTERNATIONAL TAXATION), CIRCLE-1, DEHRADUN, DEHRADUN

In the result, both the appeals of the assessee are allowed

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

97,64,880 to the total income of the Appellant by erroneously applying CUP Method for determination of arm's length interest rate on the ECB taken from its AE. 7.2 Without prejudice to the above, the learned TPO / AO / DRP erred in not appreciating the fact that a substantial amount of loan was already repaid during previous assessment year

M.B. PETROLEUM SERVICES LLC,NEW DELHI vs. DCIT (INTERNATIONAL TAXATION), DEHRADUN

In the result, the appeal of the assessee is allowed

97,157/- under normal provisions of the Act in the income tax which works to 24.36% of gross receipts. Now the question arises that whether the assessee though falling under the ambit of provisions of section 44BB of the Act, but earning income above the presumptive rate of 10% fixed u/s 44BB(1) of the Act, would be eligible