https://www.taxtmi.com/caselaws?id=204412 Failure to disclose the sale of a depreciable rig forming part of an Indian permanent establishment can justify reopening under section 147 beyond four years, because the proviso protection is unavailable where a material fact is omitted and the reopening rests on bona fide belief of escaped income. Gains on alienation of such a PE asset are taxable in India under domestic deeming provisions and Article 13(2) of the treaty, and the place of delivery outside India does not alter taxability. Because the asset belonged to a depreciable block, section 50 applies, so the excess over written down value is treated as short-term capital gain. en-us Mon, 07 Jun 2010 00:00:00 +0530 Thu, 09 Aug 2012 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204412 Failure to disclose the sale of a depreciable rig forming part of an Indian permanent establishment can justify reopening under section 147 beyond four years, because the proviso protection is unavailable where a material fact is omitted and the reopening rests on bona fide belief of escaped income. Gains on alienation of such a PE asset are taxable in India under domestic deeming provisions and Article 13(2) of the treaty, and the place of delivery outside India does not alter taxability. Because the asset belonged to a depreciable block, section 50 applies, so the excess over written down value is treated as short-term capital gain. Case-Laws Income Tax Mon, 07 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204412