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2016 (2) TMI 921 - AT - Income TaxReopening of assessment - Held that:- As the original returns were accepted u/s 143(1) of the act there cannot be any change of opinion and therefore reopening is valid. Reopening is not challenged before us on any other ground. Hence we dismiss the CO of the assessee accordingly. Royalty us./ 9 (1) (vi) - Receipt of the assessee is rental of vessels received from non-production sharing companies (i.e. Second Leg contracts) - non applicability of provisions of section 44BB - Held that:- In view of the decision of SBS Marine Limited V ADIT (2015 (3) TMI 147 - ITAT DELHI ) we hold that even second leg contracts are also eligible for the benefit of tax treatment provided u/s 44BB of the Act. As we have already held that receipt of the assessee is chargeable tax pertaining to second leg contracts also u/s 44BB of the Income tax act, consequently we reject the argument of the revenue that it is "equipment royalty" chargeable u/s 9(1) (vi) of the and consequently liable to tax @ 25 % on gross basis u/s 115A of the Income tax Act. Interest u/s 234B & 234C is not chargeable
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