TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Assessee eligible for tonnage tax scheme under Income Tax Act</h1> <h3>Asst. Commissioner of Income Tax, Company Circle I (2), CHENNA Versus M/s. Buhari Holding P. Ltd.</h3> The Tribunal upheld the eligibility of the assessee for the tonnage tax scheme, as decided by the CIT(A), dismissing the Revenue's appeal. The dispute ... - Issues involved: The issue involves the eligibility of the assessee for tonnage tax scheme u/s 115VC(c) and the interpretation of Chapter-XII G of the Income Tax Act, 1961.Eligibility for Tonnage Tax Scheme: The assessee, engaged in various businesses, filed its return for AY 2009-10, declaring income and Short Term Capital Gain. The Assessing Officer disallowed u/s 14A and rejected the claim for shipping income u/s 115VG, stating the assessee, owning only a part of the ship, is not eligible for tonnage scheme. The CIT(Appeals) disagreed, allowing the appeal and deleting the additions. The Revenue appealed to the Tribunal, arguing the assessee's fractional ownership disqualifies them from the tonnage tax scheme. The assessee's representative cited a previous Tribunal decision supporting eligibility. The Tribunal, considering the previous decision, upheld the CIT(Appeals)'s findings, dismissing the Revenue's appeal.Conclusion: The Tribunal, based on precedent and the interpretation of relevant provisions, upheld the eligibility of the assessee for the tonnage tax scheme, as decided by the CIT(Appeals), dismissing the Revenue's appeal.
TaxTMI 
TaxTMI 
