https://www.taxtmi.com/caselaws?id=204567 The Authority for Advance Rulings ruled in favor of a Singapore-based company, determining that its income derived from providing offshore service vessels for offshore drilling activities should be computed under section 44BB of the Income-tax Act 1961. The rate at which tax should be withheld from payments made by Transocean to the applicant towards the time charter of service vessels was set at 4.22%. This decision, pronounced on 12th July 2011, clarified that the applicant's services were essential for offshore drilling activities and fell under section 44BB, not section 9(1)(vii) of the Act. en-us Tue, 12 Jul 2011 00:00:00 +0530 Sat, 16 Apr 2016 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204567 The Authority for Advance Rulings ruled in favor of a Singapore-based company, determining that its income derived from providing offshore service vessels for offshore drilling activities should be computed under section 44BB of the Income-tax Act 1961. The rate at which tax should be withheld from payments made by Transocean to the applicant towards the time charter of service vessels was set at 4.22%. This decision, pronounced on 12th July 2011, clarified that the applicant's services were essential for offshore drilling activities and fell under section 44BB, not section 9(1)(vii) of the Act. Case-Laws Income Tax Tue, 12 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204567