JOSHI TECHNOLOGIES INTERNATIONAL INC vs UNION OF INDIA .

The Supreme Court upheld the High Court's dismissal of Joshi Technologies' writ petition, affirming that the appellant was not entitled to deductions under Section 42 of the Income Tax Act, 1961 due to the absence of specific provisions in the Production Sharing Contracts. The Court emphasized that for deductions to be applicable, such allowances must be explicitly stated in the agreement with the Central Government and laid before Parliament. The ruling clarified that mere understanding or acceptance of omissions by the Ministry of Petroleum and Natural Gas does not suffice to grant deductions without formal inclusion in the contracts.