https://www.taxtmi.com/caselaws?id=64437 The Tribunal held that the determination of taxable income under section 44B of the Income-tax Act, 1961 at 15% for non-resident assessees engaged in the operation of ships was reasonable. The appeals by the assessees, with ONGC as the common agent, were dismissed as the income was deemed to be for vessel availability rather than carriage of goods or men, as per the terms of the contract and a Supreme Court judgment. The Tribunal concluded that section 44B was not applicable, and the alternative argument under section 44BB was dismissed, resulting in the dismissal of all appeals. en-us Wed, 25 Jan 1989 00:00:00 +0530 Mon, 07 Feb 2011 18:22:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64437 The Tribunal held that the determination of taxable income under section 44B of the Income-tax Act, 1961 at 15% for non-resident assessees engaged in the operation of ships was reasonable. The appeals by the assessees, with ONGC as the common agent, were dismissed as the income was deemed to be for vessel availability rather than carriage of goods or men, as per the terms of the contract and a Supreme Court judgment. The Tribunal concluded that section 44B was not applicable, and the alternative argument under section 44BB was dismissed, resulting in the dismissal of all appeals. Case-Laws Income Tax Wed, 25 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64437