Tonnage income computation treated as business profits, excluding the corresponding shipping income from tax. Tonnage income from operating qualifying ships must be computed under the statutory mechanism and the computed tonnage income is deemed to be the profits ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Tonnage income computation treated as business profits, excluding the corresponding shipping income from tax.
Tonnage income from operating qualifying ships must be computed under the statutory mechanism and the computed tonnage income is deemed to be the profits chargeable under the head Profits and gains of business or profession; the relevant shipping income is not chargeable to tax when tonnage income is so computed.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.