https://www.taxtmi.com/caselaws?id=121297 The Tribunal allowed the appeal of a German company regarding the taxability of its profits under section 40BBB. It held that the company should be taxed based on the provisions of section 44BBB for foreign companies engaged in turnkey power projects, overriding normal provisions. The Tribunal emphasized the importance of following the mandate of section 44BBB and directed the Assessing Officer to consider the set off of losses under section 70. The Tribunal reversed the decisions of the lower authorities, ruling in favor of the assessee. en-us Fri, 24 Jul 2009 00:00:00 +0530 Sat, 28 Jul 2012 11:50:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121297 The Tribunal allowed the appeal of a German company regarding the taxability of its profits under section 40BBB. It held that the company should be taxed based on the provisions of section 44BBB for foreign companies engaged in turnkey power projects, overriding normal provisions. The Tribunal emphasized the importance of following the mandate of section 44BBB and directed the Assessing Officer to consider the set off of losses under section 70. The Tribunal reversed the decisions of the lower authorities, ruling in favor of the assessee. Case-Laws Income Tax Fri, 24 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121297