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Site Restoration Deduction Allowed due to PSC contractual obligation
Case Law Details
- Case Name
- Director of Income Tax (International Taxation) Vs Vedanta Limited (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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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...
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