Income taxable under both FTS and PE would be taxable as FTS – AAR

AUTHORITY FOR ADVANCE RULINGS (INCOME TAX), NEW DELHI C.A.T. Geondata GmbH, In re JUSTICE P.K. BALASUBRAMANYAN, CHAIRMAN AAR NO. 1119 OF 2011 JULY 31, 2012 RULING Essar Oil Limited and Essar Engineering Holdings Limited were awarded a contract by the Government of India for exploration of block AA-ONN-2004/3 under the New exploration licensing policy VII. The award of the block to the Consortium is governed by the production sharing contract between the Government of India and the Consortium members. 2. The applicant is a company incorporated under the laws of Austria and clai...