Offshore supply of equipment on Cost Insurance and Freight (

Court: Delhi Income-tax Appellate Tribunal Citation: Tech nip Italy Spa Vs. ACIT (2010-T11-133-ITAT-DEL-INTL) Brief: It was held that the offshore supply of equipment, even on a CIF basis, under a composite contract is not taxable in India. Facts The assessee, a company incorporated in Italy, was awarded a turnkey contract by Indian Oil Corporation Ltd. (“IOCL”) for the designing, construction and commissioning of a Hydro- treater and Hydrogen facility at IOCL’s Guwahati Refinery. For execution of the above services, the assessee established a Project Office (“PO”...