Reassessment proceeding u/s 147 can be initiated against a non resident shipping company who are assessed u/s 172 of the Income Tax Act , so held by Delhi High court in Emirates Shipping Line FZE vs ADIT [2012] 23 taxmann 400 (Delhi) Facts of the Case : Reassessment in case of Section 172 Emirates Shipping [...]
Gajarat HC: Section 172: Freight Must Be Earned by Non Reisdent Ship !
August 31, 2012 by Leave a Comment
The company LL was acting as an as agent for its foreign principal GOI. Its work assignment was to facilitate departure of ship after cargo was loaded with iron ores, to execute guarantee bonds guaranteeing payment of tax. They were disponee owners of ships. GG took ship on daily hire rate basis. ITO held that [...]
Section 172: No Carriage No tax !
August 31, 2012 by Leave a Comment
The non resident assessee got certain amount under the contract entered into by the shipping company with the charterer firm for carrying certain cargo. This amount included dead freight recoverable on account of certain cargo which were not shipped from the port as per the contract. The Assessing Officer while computing income under section 172(2) [...]
Section 172:No tax Deamand if No Freight Charges Are Paid
August 31, 2012 by Leave a Comment
The assessee was clearing and forwarding and steamship agents.It acted as the shipping agent of foreign non resident company. The foreign company time-chartered a ship belonging to a non-resident company called S. The said ship called at the port of Betul, Goa, and left for Alfred port, Canada after being loaded 13,000 long tons of [...]
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