https://www.taxtmi.com/caselaws?id=35652 The High Court of Bombay determined the situs of a contract for profit taxation assessment under the Income Tax Act, 1961. The Court affirmed the Tribunal's decision that no profit accrued to the non-resident UK company in India from sales to the Indian company. The Court emphasized that the contract did not establish an independent sale contract in India, as operational procedures showed transactions were typical business dealings with orders and payments made in England. Therefore, the Court ruled in favor of the assessee, concluding that no profit was taxable on the material sales in India. en-us Tue, 08 Sep 1981 00:00:00 +0530 Mon, 15 Mar 2010 17:39:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35652 The High Court of Bombay determined the situs of a contract for profit taxation assessment under the Income Tax Act, 1961. The Court affirmed the Tribunal's decision that no profit accrued to the non-resident UK company in India from sales to the Indian company. The Court emphasized that the contract did not establish an independent sale contract in India, as operational procedures showed transactions were typical business dealings with orders and payments made in England. Therefore, the Court ruled in favor of the assessee, concluding that no profit was taxable on the material sales in India. Case-Laws Income Tax Tue, 08 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35652