Income assessable under Section 44BB or not? - authorities were ...

Tug and barge use for transporting compressor module linked to contract execution; assess payments u/s 44BB IT Act.

March 2, 2022

Case Laws Income Tax HC

Income assessable under Section 44BB or not? - authorities were not justified in arriving at the conclusion that the use of the tugs and barges was in the nature of a mere transportation facility. On facts, respondent no.1, in terms, recorded that tugs were hired by the petitioner to transport the Compressor module from the yard to the offshore platform. The said compressor module, as it emerges from the record, was an integral part of the execution of the contract by the petitioner. - The payments made by the petitioner to the non-resident assessess in the execution of the contract with ONGC is properly assessable under the provisions on Section 44BB of the Act, 1961. - HC

View Source

← Previous Next →

Income assessable under Section 44BB or not? - authorities were ...

Tug and barge use for transporting compressor module linked to contract execution; assess payments u/s 44BB IT Act.

March 2, 2022

Case Laws Income Tax HC

You may also like:

Valuation - tug towing a barge - inclusion of freight - It was contended that, the tug arrived on its own propulsion that did not involve payment of any freight at all...

The AAR determined that the contract for installing terminals linking Western and Southern regions constitutes a composite works contract under Section 2(119) of CGST...

TDS u/s 194C OR 194H - nature of contract - supply of manpower/labour for execution of works contract - there is no element of contract in the nature of principle to...

Composite Works Contract - Benefit of Composition Scheme - the value of all goods used in or in relation to execution of the work contract need to be included in the...

Sale of goods in the SEZ - works contract - Appellate authority has failed to appreciate the fact that it is not possible to abide by sub-rule (2A) of rule 42 of the...

Construction service - works contract - Rate of tax on goods supplied under the contract, independent of the Works Contract being executed in the contract. -...

HC directed respondent authorities to immediately process petitioner's GST refund claim following contract execution. The authorities must verify facts and assess...

Classification of supplies - works contract services - The contract for shifting of cables and replacing with underground cables can be classified as contract for...

NCLAT dismissed the appeal challenging liquidated damages deduction from corporate debtor's invoices. The Appellate Tribunal held that liquidated damages deducted during...

Reopening of assessment u/s 147 - difference pointed out by the DVO in his valuation report - There should be a live link between the material coming to the notice of...

Scope of contract - transfer of software that has come into existence - The pith and substance of the contract or true nature of the transaction shows that the contract...

Classification - Works Contract service or erection, commissioning or installation service - nature of contract is pure labor contract or not - held that contract in...

Demand of service tax on advances received - Validity of demand made, without classifying the services - the merit classification of the activity undertaken by the...

Classification of goods - rate of tax - Since the contract is an EPC contract, the activity carried out by the applicant is a composite supply of works contract as...

TDS - activity of carriage of its school children by any mode of transport other than by railways - transport contracts would be covered by Sec. 194C and not Sec. 194I - AT

Quick Updates: