https://www.taxtmi.com/caselaws?id=456284 The ITAT ruled in favor of the assessee, a Russian joint stock company, regarding the taxability of payments received under offshore supply contracts for AY 2015-16. The Tribunal concluded that these payments, made and received outside India, were not taxable under section 44BBB of the I.T. Act and DTAA provisions. It directed the AO to delete the income additions from offshore supply contracts, aligning with previous ITAT decisions for AY 2014-15. The assessee's appeal was allowed, and the additions were removed, affirming that such income does not constitute taxable business receipts in India. en-us Tue, 26 Nov 2019 00:00:00 +0530 Sat, 13 Jul 2024 08:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456284 The ITAT ruled in favor of the assessee, a Russian joint stock company, regarding the taxability of payments received under offshore supply contracts for AY 2015-16. The Tribunal concluded that these payments, made and received outside India, were not taxable under section 44BBB of the I.T. Act and DTAA provisions. It directed the AO to delete the income additions from offshore supply contracts, aligning with previous ITAT decisions for AY 2014-15. The assessee's appeal was allowed, and the additions were removed, affirming that such income does not constitute taxable business receipts in India. Case-Laws Income Tax Tue, 26 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456284