Income from provision of sea logistic services taxable under presumptive scheme – AAR

Siem Offshore Inc. Vs Commissioner concerned Director of Income Tax, Advance Ruling Authority  – The payment for hire of vessels provided by the Applicant to Trans ocean would be covered under the definition of ‘plant’ as defined under section 44BB of the Act. Accordingly, consideration received for supply of vessels on hire used for offshore drilling activities and marine operations would be covered within the purview of section 44BB of the Act. The basic intention to exclude construction, assembly, mining or like project from the purview of fee for technical services was to distin...