Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (11) TMI 254 - AT - Income TaxApplicability of 44BB - offshore installation of pipelines as a part of overall construction project in connection with extraction and production of mineral oils. - Held That:- Laying pipeline amounts to infrastructure - 44BB is applicable for services and not for creation of infrastructure for such services. Tax Rate - This claim is based on the fact that the invoices raised by assessee on BG show that it has invoiced BG at 8% mark up on cost in respect of supply of goods and materials and that it was only to avoid litigation it had offered the entire revenues from such supplies to tax at a deemed profit rate of 10% u/s 44BB.- Rate of tax was accepted at 10% instead of 25%.
|