Fee for conducting feasibility study for oil extraction project should be taxed u/s. 44BB

CASE LAWS DETAILS DECIDED BY: ITAT DELHI BENCH `E’, DELHI, IN THE CASE OF: ONGC as representative assessee of Alberta Research Council, Canada Vs. JCIT, APPEAL NO: ITA No. 785 (Del) 2000, DECIDED ON July 23, 2010 The taxpayer, ONGC, engaged Alberta Research Council, Canada (“ARC”) for conducting a feasibility study on implementation of cycle steam  stimulation (“CSS”) in its oil wells in India.The taxpayer filed a return of income as a representative assessee of ARC and claimed thatthe receipts of ARC from CSS services should be assessed under section 44BB of the Act. The Revenu...