https://www.taxtmi.com/caselaws?id=213812 Interest earned on fixed deposits placed as collateral for bank finance and guarantees does not fall within the Tonnage Tax Scheme because the scheme covers only income from core shipping activities and the narrowly specified incidental activities. Fixed deposits are not part of operating qualifying ships or the enumerated ship-related transactions, and the source of the interest is the deposit itself rather than the shipping business. The interest is therefore outside the presumptive shipping regime and is taxable separately as income from other sources. en-us Wed, 11 Apr 2012 00:00:00 +0530 Tue, 29 May 2012 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213812 Interest earned on fixed deposits placed as collateral for bank finance and guarantees does not fall within the Tonnage Tax Scheme because the scheme covers only income from core shipping activities and the narrowly specified incidental activities. Fixed deposits are not part of operating qualifying ships or the enumerated ship-related transactions, and the source of the interest is the deposit itself rather than the shipping business. The interest is therefore outside the presumptive shipping regime and is taxable separately as income from other sources. Case-Laws Income Tax Wed, 11 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213812