Payment for Time charter of ship does not fall under the ambit of “royalty” and is not taxable under section 9(1)(vi) of the IT Act: ITAT [Read Order]

By Navasree A.M - On January 26, 2023 11:13 am - 2 mins read
Payment - Time charter of ship - royalty - IT Act - ITAT - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that the payment received by assessee for Time Charter of ship does not come under the ambit of ‘Royalty’ and the same is not taxable under section 9(1)(vi) of Income Tax Act, 1961. The appeal was filed by the assessee against the final assessment order …

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