Case Law Details
Case Name : DCIT Vs Boskalis Dredging India P. Ltd. (ITAT Mumbai)
Related Assessment Year : 2004-05
Courts :
All ITAT ITAT Mumbai
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Boskalis Dredging India P.Ltd, is a company incorporated in India on 5th January,1996. It is engaged in the business of undertaking inter alia capital and maintenance dredging projects and providing technical related services in dredging. However, during the relevant year, the income was earned from hire of personnel, hire of equipment and services rendered to group companies and not from dredging contracts. The assessee had leased dredger Gemini and Multicat Coby to associate enterprise, Boskalis International BV (‘BIBV’) since 1997, under the Standard Bareboat Charter Agreement.
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As per provisions of Income Tax Act, depreciation is allowed from the date “Put to us”
Can somebody explain the above in light of the Supreme Court Judgement