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TMI Blog2024 (3) TMI 1380X X X X Extracts X X X X X X X X Extracts X X X X ..... d disposed of. ITA 153/2019 5. The Commissioner assails the order dated 01 February 2023 passed by the Income Tax Appellate Tribunal ['ITAT'] and proposes the following questions of law for our consideration:- "2.1 Whether on the facts and circumstances of the case, Ld. ITAT has erred in holding that the income of the Assessee is assessable at deemed profit rate of 10% u/s 44BB of the Income Tax Act, 1961 (the Act) on the revenue earned from Indian payer on account of drilling rights on hire (equipment rental) under contracts, as against the stand of the AO to bring the revenue to tax u/s 9(l)(vi) read with section 115A of the Act and Article 12 of the India-Malayasia DTAA? 2.2 Whether on the facts and circumstances of the case, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly not a business receipt and accordingly such receipt are not liable to be taxed under section 44BB of the Act?" 6. We note from a reading of the impugned order that on facts the supply of machinery on a hire purchase / lease basis was not disputed. This is evident from the following observations as appearing in the order of the ITAT. "5. We have heard at length learned Representatives appearing for the parties and perused materials on record. We have also applied our mind to the judicial precedents cited before us. As discussed earlier, the dispute between the parties is qua the nature of receipts from hiring/leasing of rigs, whether to be treated as business profits under section 44BB of the Act as claimed by the assessee or roy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al gains") for- (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula or process or trade mark or similar property; (ii) the imparting of any information concerning the working of, or the use of, a patent, invention, model, design, secret formula or process or trade mark or similar property; (iii) the use of any patent, invention, model, design, secret formula or process or trade mark or similar property; (iv) the imparting of any information concerning technical, industrial, commercial or scientific knowledge, experience or skill; [(iv-a) the use or right to use any industrial, commercial or scientific equipment but not including the amoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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