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Capital gain on sale of assets of Permanent Establishment (PE) is taxable in India even when PE ceased to exist
Case Law Details
- Case Name
- Cartier Shipping Co. Ltd., Cyprus Vs. DDIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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Facts
The assessee a Cyprus company, was registered as a foreign company under the laws of Mauritius. The Mauritian tax authorities had issued a tax residency certificate to the assessee.
The non-resident assessee owned a jack up rig which was used for drilling, prospecting and production of hydrocarbons in the offshore oil fields of India. The rig was given on charter basis to an Indian company which in turn leased it out to another Indian entity.
The assessee had a PE in India. The rig was part of the said PE. The PE was taxed on net income basis after allowing depreciation on the said rig....
