Uttarakhand HC upholds
invocation of CIT’s revisionary jurisdiction u/s. 263 in case of assessee (a
Singaporean co. engaged in rendering offshore geophysical services), dismisses
assessee’s writ; Assessee had claimed that since the duration of its contract
with Cairn India (for providing seismic vessel in connection with oil
exploration) was only for 102 days, the gross revenue of Rs. 100.33 cr. earned
therefrom during FY 2014-15 was not taxable in India in view of Article 5(5) of
India-Singapore DTAA (which provides 183 days threshold); Finds force in CIT’s
view that the seismic vessel itself constituted fixed place PE under Article
5(1) of DTAA, also AO was wrong in accepting assessee’s resort to Article 5(5)
and that no effort was made by AO to study relevant provision of DTAA; Further,
HC states that instead of assessee giving explanation to CIT, it has filed
the present writ petition before this Court, accordingly upholds the show
cause notice issued u/s. 263; Noting the necessary conditions of Sec. 263 that
the CIT must come to the conclusion that the order is both erroneous and
prejudicial to the interest of Revenue, HC opines that there is definitely
application of mind by CIT on both these aspects:HC
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