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2017 (9) TMI 1999 - ITAT MUMBAIIncome taxable in India - Income received for executing the Offshore Supply Contract - offshore Supply contracts were 'carried and concluded' outside India - HELD THAT:- The issue stands covered in favour the assessee by the orders of the Tribunal for the AY. s. 2007-08, 2008-09, 2011-12 [2017 (4) TMI 758 - ITAT MUMBAI] as held since, supply of materials and equipments under the off-shore supply contracts were carried out and concluded outside India, the receipts from offshore supply contracts cannot be deemed to accrue or arise in India as per section 9(1) and DTAA provisions and accordingly, not chargeable to tax. The receipts thereof do not form part of receipts for the purpose of computational provisions of section 44BBB. Explanation-4 could not overcome the limitation imposed by Explanation-l(a) to section 9(i)(i) and hence, the impugned income do not form part of business receipts for computation of income u/s 44BBB . Decided in favour of assessee.
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