Sedco Forex International Inc. v. CIT

DEPUTY COMMISSIONER OF INCOME TAX (IT)-3(1)(2), MUMBAI vs. M/S KOREA MARINE TRANSPORT CO. LTD, MUMBAI

In the result, the appeals filed by the revenue are dismissed

…(2009) 317 ITR 156 (Uttarakhand).The High Court in its aforesaid judgment had distinguished the earlier decisions of the Court in the case of Sedco Forex International Inc. Vs. CIT (2008) 299 ITR 238 (Uttaranchal) and CIT Vs. Trans. Ocean Offshore Inc. (2008) 299 ITR 248 (Uttaranchal). In the backdrop of the facts involved in the case before the High Court, it was held that reimbursement of custom duty paid by the assessee company, being in the nature of a statutory levy, would not form part of the freight receipts for the purpose of computing its A.Y. 2016-17 & 2017-18 M/s. Korea Marine Transport Co. Ltd. deemed…

DY COMMISSIONER OF INCOME TAX, (IT)-4(2)(1), MUMBAI vs. M/S SHELF DRILLING RON TAPPMEYER, MUMBAI

The appeal of the Revenue is dismissed, accordingly

Bench: Shri Vikas Awasthy & Shri Amarjit Singh आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4Th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. Pan: Aascs-2719-P ...... अपीलाथ" /Appellant बनाम Vs.

…आयकर अपील"य अ"धकरण मुंबई पीठ “आई”, मुंबई पीठ "ी "वकास अव"थी, "या"यक सद"य एवं "ी अमरजीत "संह, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH , ACCOUNTANT MEMBER आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. PAN: AASCS-2719-P ...... अपीलाथ" /Appellant बनाम Vs. Asstt . Commissioner of Income Tax(Int. Tax), Circle -4(2)(1), Room No.X, 16th Floor, Air India Building, Nariman Point,Mumbai – 400 021. ..... ""…

DY COMMISSIONER OF INCOME TAX, (IT)-4(2)(1), MUMBAI vs. M/S SHELF DRILLING J.T. ANGEL LTD, MUMBAI

The appeal of the Revenue is dismissed, accordingly

Bench: Shri Vikas Awasthy & Shri Amarjit Singh आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4Th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. Pan: Aascs-2719-P ...... अपीलाथ" /Appellant बनाम Vs.

…आयकर अपील"य अ"धकरण मुंबई पीठ “आई”, मुंबई पीठ "ी "वकास अव"थी, "या"यक सद"य एवं "ी अमरजीत "संह, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH , ACCOUNTANT MEMBER आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. PAN: AASCS-2719-P ...... अपीलाथ" /Appellant बनाम Vs. Asstt . Commissioner of Income Tax(Int. Tax), Circle -4(2)(1), Room No.X, 16th Floor, Air India Building, Nariman Point,Mumbai – 400 021. ..... ""…

SHELF DRILLING RON TAPPMEYER LIMITED,MUMBAI vs. ACIT- IT, CIRCLE 4(2)(1), MUMBAI

The appeal of the Revenue is dismissed, accordingly

Bench: Shri Vikas Awasthy & Shri Amarjit Singh आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4Th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. Pan: Aascs-2719-P ...... अपीलाथ" /Appellant बनाम Vs.

…आयकर अपील"य अ"धकरण मुंबई पीठ “आई”, मुंबई पीठ "ी "वकास अव"थी, "या"यक सद"य एवं "ी अमरजीत "संह, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH , ACCOUNTANT MEMBER आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. PAN: AASCS-2719-P ...... अपीलाथ" /Appellant बनाम Vs. Asstt . Commissioner of Income Tax(Int. Tax), Circle -4(2)(1), Room No.X, 16th Floor, Air India Building, Nariman Point,Mumbai – 400 021. ..... ""…

SHELF DRILLING J.T. ANGEL LIMITED,MUMBAI vs. ACIT, IT, CIRCLE 4 (2)(1), MUMBAI

The appeal of the Revenue is dismissed, accordingly

Bench: Shri Vikas Awasthy & Shri Amarjit Singh आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4Th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. Pan: Aascs-2719-P ...... अपीलाथ" /Appellant बनाम Vs.

…आयकर अपील"य अ"धकरण मुंबई पीठ “आई”, मुंबई पीठ "ी "वकास अव"थी, "या"यक सद"य एवं "ी अमरजीत "संह, लेखाकार सद"य के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I ”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER & SHRI AMARJIT SINGH , ACCOUNTANT MEMBER आअसं. 2135/मुं/ 2022 ("न.व. 2015-16) Shelf Drilling J.T.Angel Limited, 4th Floor, Schindier House, Main Street, Hiranandani Gardens, Powai, Mumbai 400 076. PAN: AASCS-2719-P ...... अपीलाथ" /Appellant बनाम Vs. Asstt . Commissioner of Income Tax(Int. Tax), Circle -4(2)(1), Room No.X, 16th Floor, Air India Building, Nariman Point,Mumbai – 400 021. ..... ""…

KORAS MARINE TRANSPORT CO. LTD,MUMBAI vs. DCIT (IT) 3(1)(2), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri C.N. Prasad, Hon'Ble & Shri N.K. Pradhan, Hon'Blem/S. Korea Marine Transport V. D.C.I.T (International Taxation) – 3(1)(2) Room No. 1605, 16Th Floor, Company Limited Air India Building, Nariman Point, C/O. Sea Horse Ship Agencies (P.) Ltd. Sea Horse House, 30/32, Mumbai – 400 021 Marzben Street, Ballard Estate, Mumbai – 400 001 Pan: Aacck 1101 F (Appellant) (Respondent) Assessee By : Shri Sandesh Desai Department By : Shri Manoj Kumar Singh

…(2009) 317 ITR 156 (Uttarakhand).The High Court in its aforesaid judgment had distinguished the earlier decisions of the Court in the case of Sedco Forex International Inc. Vs. CIT (2008) 299 ITR 238 (Uttaranchal) and CIT Vs. Trans. Ocean Offshore Inc. (2008) 299 ITR 248 (Uttaranchal). In the backdrop of the facts involved in the case before the High Court, it was held that reimbursement of custom duty paid by the assessee company, being in the nature of a statutory levy, would not form part of the freight receipts for the purpose of computing its deemed profit under Sec.44BB. We further find that a similar view…

DCIT (IT) 3(1)(2), MUMBAI vs. KOREAN MARINE TRANSPORT CO. LTD, MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm M/S Korea Marine Transport Co. Ltd. Deputy Commissioner Of Income C/O Sea Horse Ship Agencies P. Ltd , Tax (Int. Tax)- 3(1)(2), बिधम/ Mumbai Sea Horse House, 30/32, Vs. Marzben Street, Ballard Estate, Mumbai 400001 स्थामीरेखासं./ जीआइआयसं./ Pan No.Aacck1101F (अऩीराथी / Appellant) (प्रत्मथी / Respondent) : Deputy Commissioner Of M/S Korean Marine Transport Co. Ltd. Income Tax (Int. Tax)- 3(1)(2), Sea Horse House, 30/32, Adi Marzben बिधम/ Room No. 113, 1St Floor, Street, Ballard Eatate, Vs. Scindia House, Ballard Estate, Mumbai 400001 Mumbai-400038 स्थायीलेखासं./ जीआइआरसं./ Pan No.Aacck1101F (अऩीराथी / Appellant) (प्रत्मथी / Respondent) :

…(2009) 317 ITR 156 (Uttarakhand).The High Court in its aforesaid judgment had distinguished the earlier decisions of the Court in the case of Sedco Forex International Inc. Vs. CIT (2008) 299 ITR 238 (Uttaranchal) and CIT Vs. Trans. Ocean Offshore Inc. (2008) 299 ITR 248 (Uttaranchal). In the backdrop of the facts involved in the case before the High Court, it was held that reimbursement of custom duty paid by the assessee company, being in the nature of a statutory levy, would not form part of the freight receipts for the purpose of computing its deemed profit under Sec.44BB. We further find that a similar view…

KOREA MARINE TRANSPORT CO.LTD,MUMBAI vs. DCIT (IT) 3(1)(2), MUMBAI

The appeal of the revenue is dismissed in terms of our aforesaid observations

Bench: Shri Shamim Yahya, Am & Shri Ravish Sood, Jm M/S Korea Marine Transport Co. Ltd. Deputy Commissioner Of Income C/O Sea Horse Ship Agencies P. Ltd , Tax (Int. Tax)- 3(1)(2), बिधम/ Mumbai Sea Horse House, 30/32, Vs. Marzben Street, Ballard Estate, Mumbai 400001 स्थामीरेखासं./ जीआइआयसं./ Pan No.Aacck1101F (अऩीराथी / Appellant) (प्रत्मथी / Respondent) : Deputy Commissioner Of M/S Korean Marine Transport Co. Ltd. Income Tax (Int. Tax)- 3(1)(2), Sea Horse House, 30/32, Adi Marzben बिधम/ Room No. 113, 1St Floor, Street, Ballard Eatate, Vs. Scindia House, Ballard Estate, Mumbai 400001 Mumbai-400038 स्थायीलेखासं./ जीआइआरसं./ Pan No.Aacck1101F (अऩीराथी / Appellant) (प्रत्मथी / Respondent) :

…(2009) 317 ITR 156 (Uttarakhand).The High Court in its aforesaid judgment had distinguished the earlier decisions of the Court in the case of Sedco Forex International Inc. Vs. CIT (2008) 299 ITR 238 (Uttaranchal) and CIT Vs. Trans. Ocean Offshore Inc. (2008) 299 ITR 248 (Uttaranchal). In the backdrop of the facts involved in the case before the High Court, it was held that reimbursement of custom duty paid by the assessee company, being in the nature of a statutory levy, would not form part of the freight receipts for the purpose of computing its deemed profit under Sec.44BB. We further find that a similar view…

BOURBON OFFSHORE,NEW DELHI vs. DDIT (IT) 3(2), MUMBAI

The appeal of the assessee is dismissed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 2010-11 M/S Bourbon Offshore, Deputy Director Of Income C/O-Nangia & Company, Tax, बनाम/ Suite-4A, Plaza M-6, Jasola International Taxation-3(2), Vs. New Delhi-110025 Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aadcb7150J

…this appeal, the ld. DR, Shri Randhir Gupta, at the outset, claimed that the impugned issue is covered against the assessee by the order of the Hon’ble Uttarakhand High Court in 200 ITR 265 (UK) and also in the case of CIT vs Trans Ocean Offshore INC. (2008) 299 ITR 248 (UK). This factual matrix was not controverted by the ld. Counsel for the assessee, Shri Neeraj Agrawal. 2.1. We have considered the rival submissions and perused the material available on record. In view of the above, we are reproducing hereunder the relevant portion from the aforesaid order dated 08/10/2007 in the case of Trans Ocean Offshore…