Site Restoration Deduction Allowed due to PSC contractual obligation

Advertisement Director of Income Tax (International Taxation) Vs Vedanta Limited (Madras High Court) The Madras High Court dismissed three appeals filed by the Revenue against a common order of the Income Tax Appellate Tribunal (ITAT) concerning deduction of site restoration expenditure incurred by a non-resident company engaged in petroleum exploration and production in India under a Production Sharing Contract (PSC). The Revenue challenged the Tribunal’s findings relating to deduction of site restoration expenditure, computation of book profits under Section 115JA/115JB, reopening o...