Deemed profits for shipping business: non-resident ship operators taxed on carriage receipts under a special computation rule. A special computation rule (effective 1 April 1976) treats a fixed proportion of specified shipping receipts of a non-resident ship operator as deemed profits chargeable as business income. The taxable aggregate comprises amounts paid or payable for carriage shipped at Indian ports and amounts received or deemed received in India for carriage shipped at ports outside India.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed profits for shipping business: non-resident ship operators taxed on carriage receipts under a special computation rule.
A special computation rule (effective 1 April 1976) treats a fixed proportion of specified shipping receipts of a non-resident ship operator as deemed profits chargeable as business income. The taxable aggregate comprises amounts paid or payable for carriage shipped at Indian ports and amounts received or deemed received in India for carriage shipped at ports outside India.
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