The income from offshore supply of equipment on a CIF basis under a composite contract is not taxable in India

Court  : Delhi bench of the Income-tax Appellate Tribunal Citation :  Tech nip Italy Spa Vs. ACIT (2010-TII-133-ITAT-DEL-INTL) Brief : Recently, the Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Technip Italy Spa v. ACIT (2010-TII-133-ITAT-DEL-INTL) after applying the decision of the Supreme Court in the case of Ishikawajima-Harima Heavy Industries Ltd. v. DIT [2007] 288 ITR 408 (SC) held that the income from offshore supply of equipment on a Cost Insurance Freight (CIF) basis under a composite contract is not taxable in India. Facts of the case The taxpayer,...