https://www.taxtmi.com/caselaws?id=351619 The Hon'ble Allahabad High Court held that no profit is chargeable to tax in India on sales of offshore supplies made on FOB basis outside India by a non-resident Canadian assessee. The court referred to previous judgments and interpretations of sections 44BB and 44BBB of the Income-tax Act, 1961 to support this decision. Additionally, the penalty imposed under section 271(1)(c) for inaccurate income particulars was deemed unjustified and deleted, considering the lack of departmental action on similar additions in previous years. The judgment favored the assessee, emphasizing adherence to legal precedents and tax laws. en-us Fri, 27 Oct 2017 00:00:00 +0530 Tue, 28 Nov 2017 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351619 The Hon'ble Allahabad High Court held that no profit is chargeable to tax in India on sales of offshore supplies made on FOB basis outside India by a non-resident Canadian assessee. The court referred to previous judgments and interpretations of sections 44BB and 44BBB of the Income-tax Act, 1961 to support this decision. Additionally, the penalty imposed under section 271(1)(c) for inaccurate income particulars was deemed unjustified and deleted, considering the lack of departmental action on similar additions in previous years. The judgment favored the assessee, emphasizing adherence to legal precedents and tax laws. Case-Laws Income Tax Fri, 27 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351619