Tonnage income treated as deemed business profits, with corresponding shipping income excluded from tax under the tonnage regime. Tonnage income computed in accordance with the prescribed computation methodology is deemed to be profits and gains of business or profession, and the corresponding shipping income specified under the tonnage provisions shall not be separately chargeable to tax, subject to other provisions of the Chapter.
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Provisions expressly mentioned in the judgment/order text.
Tonnage income treated as deemed business profits, with corresponding shipping income excluded from tax under the tonnage regime.
Tonnage income computed in accordance with the prescribed computation methodology is deemed to be profits and gains of business or profession, and the corresponding shipping income specified under the tonnage provisions shall not be separately chargeable to tax, subject to other provisions of the Chapter.
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