2001 (6) TMI 24 - HC - Income Tax

Summary

The High Court of Calcutta ruled against the assessee, a non-resident shipping company, stating that demurrage charges are taxable income as per section 44B of the Income-tax Act, 1961. The Tribunal's decision in favor of the assessee was overturned based on the demurrage income being received and accrued in India. The judgment favored the Revenue and disposed of the reference accordingly.