https://www.taxtmi.com/caselaws?id=341788 The Tribunal ruled that income from Offshore Supply Contracts (OSC) is not taxable in India under Section 44BBB as the contracts were carried out outside India. It held that only income attributable to operations in India is taxable, following the principle of territorial nexus. Additionally, interest under Section 234B was deemed not applicable as payments were subject to Tax Deducted at Source (TDS). The Tribunal allowed the appeals, directing the revenue to recalculate the income considering statutory provisions and grossing up of payments. en-us Tue, 10 Jan 2017 00:00:00 +0530 Tue, 18 Apr 2017 08:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341788 The Tribunal ruled that income from Offshore Supply Contracts (OSC) is not taxable in India under Section 44BBB as the contracts were carried out outside India. It held that only income attributable to operations in India is taxable, following the principle of territorial nexus. Additionally, interest under Section 234B was deemed not applicable as payments were subject to Tax Deducted at Source (TDS). The Tribunal allowed the appeals, directing the revenue to recalculate the income considering statutory provisions and grossing up of payments. Case-Laws Income Tax Tue, 10 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341788