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2014 (3) TMI 537 - AT - Income TaxChargeability of income u/s 5(1) of the Act Services rendered by the NRI outside India Income deemed to accrue or arise in India u/s 9(1)(vii)(c) of the Act - Held that:- The assessee rendered services in relation to setting up of fund in Mauritius and looked to find seed investors abroad - income in respect of services which were rendered outside India, accrue or arise to assessee outside India and it was not derived from business controlled in or profession setting up in India - the assessee's case is covered by the proviso to section 5(1) of the Income-tax Act, 1961 and the income is not chargeable to tax in India the amount was received by the assessee in his bank account maintained outside India and it has been transferred to India only after receiving the same first outside India relying upon Keshav Mills vs. CIT [1953 (1) TMI 5 - SUPREME Court] - the word "received" shows that the point of first receipt has to be seen also in CIT vs. A.P. Kalyanakrishnan [1991 (6) TMI 32 - MADRAS High Court] what is contemplated u/s 5(1)(a) of the Income-tax Act, 1961 is that the amount received in India after having received in another country was not assessable in India. It is a matter of fact that the amount was received in various tranches in the bank account maintained by the assessee abroad thus, it cannot be said that the amount was received in India - Thus, the amount was received outside India is remitted to India on the subsequent dates - Decided in favour of Assessee.
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