Leasing or hiring of Rigs are taxable as business profit u/s. 44BB of Income Tax Act

UMW Sher (L) Ltd. Vs Assessing Officer (ITAT Delhi) ITAT Delhi held that receipts from leasing/ hiring of Rigs are taxable as business profit under section 44BB of the Income Tax Act. Such receipts are not in the nature of royalty and hence cannot be taxed under section 9(1)(vi) read with section 115A of the Income Tax Act. Facts- The short issue arising for consideration in these appeals is, whether the receipts from leasing/hiring of RIGs are taxable as business profits under section 44BB of the Act on gross basis or they are in the nature of royalty, hence, taxable under section 9(1)(vi) re...