https://www.taxtmi.com/caselaws?id=450087 ITAT Rajkot held that time charter payments for dredger equipment constituted royalty under Section 9(1)(vi) as the assessee had exclusive control and physical possession of the equipment. The assessee was required to deduct TDS on payments to non-resident lessor from British Virgin Islands, with whom India has no tax treaty. The tribunal rejected arguments that proceedings were time-barred and that non-deduction was based on bona fide belief, noting the assessee failed to seek proper determination under Section 195/197 despite making payments for over 10 years. The assessee's appeal was dismissed. en-us Fri, 23 Feb 2024 00:00:00 +0530 Wed, 08 May 2024 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450087 ITAT Rajkot held that time charter payments for dredger equipment constituted royalty under Section 9(1)(vi) as the assessee had exclusive control and physical possession of the equipment. The assessee was required to deduct TDS on payments to non-resident lessor from British Virgin Islands, with whom India has no tax treaty. The tribunal rejected arguments that proceedings were time-barred and that non-deduction was based on bona fide belief, noting the assessee failed to seek proper determination under Section 195/197 despite making payments for over 10 years. The assessee's appeal was dismissed. Case-Laws Income Tax Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450087