Section 44BB of ITA, 1961 : Section 44Bb: Special Provision For Computing Profits And Gains In Connection With The Business Of Exploration, Etc, Of Mineral Oils
ITA, 1961
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Explanation using Example
Imagine a company from Norway, "Nordic Drilling Services," specializes in providing oil extraction equipment and technical services to oil exploration companies. They have recently signed a contract with an Indian company, "Bharat PetroResources," to provide drilling machinery on lease and technical expertise for an offshore oil extraction project in the Indian Ocean.
Under Section 44BB of the Income-tax Act, 1961, instead of calculating the actual prof...
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