M/s Siem Offshore Inc. vs Deputy Director Of Income Tax

Ravi Malimath, J

The following substantial questions of law arise for consideration in this appeal:

“a. Whether on the facts and circumstances of the case and in law, the Tribunal erred in law in holding that the charges amounting to

Rs.5,88,57,523/- received by the appellant on account of vessel operated outside India were to be included in calculating the aggregate

amount referred to in sub-section (2) of Section 44BB of the Act.

b. Whether on the facts and circumstances of the case and in law, the Tribunal erred in law in holding that the reimbursement of actual

charges amounting to Rs.64,12,645/- received by the appellant were to be included in calculating the aggregate amount referred to in sub-

section (2) of Section 44BB of the Actâ€​.

Learned counsels submit that the substantial questions of law have already been answered by the Hon’ble Supreme Court in the case of Oil

and Natural Gas Corporation Ltd. vs. Commissioner of Income Tax and others reported in 376 ITR 306.

In view of the submissions made, the appeal is disposed off. The substantial questions of law are answered in favour of the revenue and against the

assessee by following the judgment of the Hon’ble Supreme Court in the case of Oil and Natural Gas Corporation Ltd. vs. Commissioner of

Income Tax and others reported in 376 ITR 306.