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2014 (8) TMI 31 - BOMBAY HIGH COURTApplicability of section 44B – operation of ships - reimbursement of demurrage charges paid - Held that:- The amount referred to in sub-section (1) of Section 44B and which are deemed to be profits and gains of the business of operation of ships chargeable to tax under the head "Profits and gains of business or profession" shall be the amount firstly, paid or payable, whether in or out of India, to the Assessee or to any person on his behalf on account of the carriage of passengers, livestock, mail or goods shipped at any port in India and secondly, received or deemed to be received in India by or on behalf of the Assessee on account of the carriage of passengers, livestock, mail or goods shipped at any port outside India - Both conditions envisaged by sub-section (1) of Section 44B are not fulfilled - The provision has been invoked in case of reimbursement of demurrage charges paid or reimbursed by the present Assessee for import of crude oil - It cannot be termed, by any stretch of imagination, as perverse or vitiated by error of law apparent on the face of the record – Decided against Revenue.
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