Sponsored
    Follow Us:

Case Law Details

Case Name : M/s Sedco Forex International Drilling Inc. Vs Additional DIT, International taxation (ITAT Delhi)
Appeal Number : ITA no.5284/Del. /2011
Date of Judgement/Order : 29/06/2012
Related Assessment Year : 2008-09
Become a Premium member to Download. If you are already a Premium member, Login here to access.
Sponsored

Reimbursement of custom duty paid by the assessee could not form part of amount for the purpose of deemed profits u/s 44BB unlike the other amounts received towards reimbursement. Following the view in this decision, Mumbai Bench in their decision in Islamic Republic of Iran Shipping Lines(supra)held that service tax being a statutory liability, would not involve any element of profit and accordingly, the same could not be included in the total receipts for determining the presumptive income. In the light of view taken by the Mumbai Bench, especially when the ld. DR did not place any material before us ,controverting the aforesaid findings of the ld. CIT(A) so as to enable us to take a different view in the matter nor brought to our notice any contrary decision, we are of the opinion that service tax paid by the assessee could not form part of amount for the purpose of deemed profits u/s 44BB unlike the other amounts received towards reimbursement. Therefore, ground no.3 in the appeal is allowed.

INCOME TAX APPELLATE TRIBUNAL DELHI

ITA no.5284/Del. /2011 – Assessment year: 2008-09

M/s Sedco Forex International Drilling Inc.

Vs.

Please become a Premium member. If you are already a Premium member, login here to access the full content.

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Search Post by Date
July 2024
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031