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TMI Blog2017 (9) TMI 1999X X X X Extracts X X X X X X X X Extracts X X X X ..... at Moscow, Russia. It is engaged in the business of commissioning of turnkey power project. Return of income was filed on 31/3/2006 declaring a total income of Rs. 12.30 crores. The Assessing Officer (AO) completed the assessment on u/s. 143(3) r. w. s. 144C(13)of the Act, determining its income at Rs. 1,23,06,44,210/-. 2. Effective ground of appeal is about taxing the amount of Rs. 183. 78 crores in India that was received by the assessee for executing the Offshore Supply Contract. During the assessment proceedings, the AO found that the assessee had entered into an agreement with Nuclear Power Corporation of India Ltd. (NPCIL) to set up two 1000 MW power plant units in Tamil nadu, that for that purpose it entered in to five different agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .01.2017) and AY. 2009-10 (ITA/6581/Mum/2012/, dtd. 22.03.2017). We are reproducing the relevant portion of the order of the Tribunal for the AY. 2009-10(supra)and it reads as under: "5. Learned Authorised Representative submitted before us that the 2007-08, 2008-09 and 2011-12 in ITA no. 8074/Mum. /20101 ITA no. 6573/Mum. /2011 and no. 1033/Mum./2015, respectively, vide order dated 10th January 2017, by giving a categorical finding that the amount received under the off-shore contract are not taxable in India under section 44BBB. Therefore, he submitted, the amounts, received under the off-shore supply contracts cannot be taxed. 6. Learned Departmental Representative fairly agreed that the issue squarely covered by the decision of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deemed to accrue or arise in India. The operative portion from the order of the Tribunal is extracted herein below - "15 Therefore after analyzing the various case laws, statutory provisfonc, DTA/ provisions and contractual terms and respectfully following judgment of Hon'ble Supreme Court in Ishikawajima Harirna Heavy Industries Limited V/s DICT (288 ITR 408), we are inclined to hold that Offshore Supply contracts were 'carried and concluded-"outside India and hence no income therefrom deemed to accrue or arise in India as per section 9(1) and DTAA provisions and accordingly, not chargeable to tax. The receipts thereof do not form part of receipts for the purpose of computational provisions of section 44BBB. Explanation-4 could ..... X X X X Extracts X X X X X X X X Extracts X X X X
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