https://www.taxtmi.com/caselaws?id=390347 Receipts from time charter of vessels used in connection with prospecting, extraction or production of mineral oil must be tested on whether the contract is in pith and substance inextricably linked with those operations, and section 44BB applies as the special computation provision for non-residents providing services, facilities, or plant and machinery on hire in that connection. The Tribunal noted that the lower authorities had not applied the correct binding test and set aside the assessment on this issue for fresh examination. Interest under section 234B was treated as consequential to the tax determination, while initiation of penalty under section 271(1)(c) was held premature. en-us Fri, 20 Dec 2019 00:00:00 +0530 Mon, 30 Dec 2019 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390347 Receipts from time charter of vessels used in connection with prospecting, extraction or production of mineral oil must be tested on whether the contract is in pith and substance inextricably linked with those operations, and section 44BB applies as the special computation provision for non-residents providing services, facilities, or plant and machinery on hire in that connection. The Tribunal noted that the lower authorities had not applied the correct binding test and set aside the assessment on this issue for fresh examination. Interest under section 234B was treated as consequential to the tax determination, while initiation of penalty under section 271(1)(c) was held premature. Case-Laws Income Tax Fri, 20 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390347