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2012 (11) TMI 594 - HC - Income TaxOffshore Installations – ship/ vessels engaged in drilling operations. - qualifying ships - held that:- Vessels were consistently registered under Section 407 of the Merchant Shipping Act and had a valid certificate which was produced for consideration by the appellate authority who sought remand report and vessel is a qualifying ship for sea in terms of clause (a) of Section 115VD. The Tribunal noticed that unlike in the case of offshore installations which are stationed at one place, the very nature of the activity in which the assessee engaged is to carry out operations in different places; necessarily, at least for a short duration the vessel has to be stationed at one place. In these circumstances, Revenue’s contentions that the vessel is nothing but “offshore installations” has no merit, in the case of Matdrills of the kind put to use by the assessee - reasoning and findings of the Appellate Commissioner and the Tribunal cannot be found fault with - substantial question of law is therefore answered in favour of the assessee and against the Revenue - appeals are consequently dismissed.
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