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2014 (3) TMI 1052 - HC - Income TaxTaxability of receipts in US dollars - Interest under section 234B - Held that:- We find that the consistent understanding and approach of the parties as is now confirmed by Hon'ble Supreme Court of India as well in the case of Commissioner of Income Tax & Anr Vs. Hyundai Heavy Industries Co.Ltd, [2007 (5) TMI 196 - SUPREME Court] that it is only the income of the business as is reasonably attributed to the operation carried out in India which can be said to be covered by subsection( 1) of section 9 of the Income Tax Act, 1961. In the present case, as a finding of fact, it has been concurrently held that the receipts in US dollars mentioned in paragraph 4.2 of the Commissioner of Income Tax (Appeals) are not taxable. The only aspect that would be said to be covered is the one in paragraph nos.4 and 4.1 of the order of the Commissioner of Income Tax (Appeals). The Tribunal therefore was right in upholding this order and equally directing deletion of the interest under section 234B of the Income Tax Act, 1961.
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