https://www.taxtmi.com/caselaws?id=307471 The Tribunal ruled in favor of the Assessee, a joint stock company under the Ministry of Atomic Energy, Russian Federation, in a case concerning the taxability of amounts received under offshore supply contracts in India. The Tribunal held that income from offshore supply contracts, specifically for the supply of materials and equipment, did not accrue or arise in India as the contracts were executed outside the country. As a result, the Tribunal excluded the amount received under the offshore supply contract from gross receipts for tax computation under section 44BBB of the Income-tax Act, 1961. en-us Wed, 06 Sep 2017 00:00:00 +0530 Mon, 17 Apr 2023 10:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307471 The Tribunal ruled in favor of the Assessee, a joint stock company under the Ministry of Atomic Energy, Russian Federation, in a case concerning the taxability of amounts received under offshore supply contracts in India. The Tribunal held that income from offshore supply contracts, specifically for the supply of materials and equipment, did not accrue or arise in India as the contracts were executed outside the country. As a result, the Tribunal excluded the amount received under the offshore supply contract from gross receipts for tax computation under section 44BBB of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307471