From our Legal Corner
Legal Corner Icon — the image was hosted by the publisher and was not captured.Port services mean any service rendered by anybody in the port area.
Revenue would love to have such a definition, but fortunately for us, that is not case, at least as of now. But even without such a definition, Revenue officers believe that this ought to be the definition and Show Cause Notices have been flying around. The Tribunal has emphatically concluded that anybody licenced by the port is not a port and everything done in a port is not port service. You will have to wait till Monday for the judgement. We had carried incisive articles on the issue. Before Monday, have a look at these articles
Service Tax on Port Services
And
TAX ON PORT SERVICES: WHY TO SPARE PEST CONTROL AGENCIES?
Entire profits of a foreign company cannot be taxed in India – Hyundai wins it big!
The Apex Court has held in the case of Hyundai Heavy Industries Ltd that not the entire profits of a foreign company from its business operations in India - PE, would be taxable but only that part of it which can be attributed to the economic nexus with the PE.
As regards the quantum of profits since the assessee had not furnished the details of its activities, the CIT (A) decision to estimate taxable profits at 10% of the gross profits u/s 44BB was upheld.