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TMI Blog2011 (11) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... sp; "(1) Whether on the facts and in the circumstance of the case and in law the Tribunal was right in holding that revenues earned by the assessee company on account of offshore supply in respect of Metro Rail Contract is not taxable in India, as the sale of equipment is concluded outside India ignoring the fact:- (a) that the contract concluded between M/s. Olex Pty Land and Metro Rail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the payee assessee ignoring the fact that it is the liability of the payee to pay advance tax even on the amount which had not been deducted at source under sec. 195 of the IT Act, 1961?" 2. The assessee is a resident of Australia. The Assessment Year involved herein is A.Y. 1995-96. 3. The first question relates to the taxability of the amounts received by the assessee on accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee from Metro Railways outside India. In our opinion, if the composite contract specifically records the quantum of goods to be supplied outside India and even the payment is made outside India, then no fault can be found with the decision of ITAT in holding that the income arising from offshore supplies are not taxable in India. Once it is held that the amounts in question are not taxable i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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