Income derived by Global Geophysical Services Limited under the contracts with ONGC and Cairn Energy India Pty Limited is to be computed by applying the provisions of section 44BB of the Income-tax Act 1961

Global Geophysical Services Limited (A.A.R. No. 873 of 2010)- Would the special provisions for computing profits under section 44BB be applicable to a non-resident carrying on business of seismic data acquisition and processing under contract with Indian concerns? On an application made to the Authority of Advance Ruling by the non-resident on the above issue, the Authority observed that in an identical issue in Geofizyka Torun SP. Z.O.O. (2010) 320 ITR 0268 (AAR), it was observed that without seismic data acquisition and interpretation, it is impractical to carry out the activity of prospect...