https://www.taxtmi.com/caselaws?id=219851 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order, confirming that the respondent should be assessed under regular provisions of the Income-tax Act. The AO's composite order under section 172(4) was quashed as the respondent was engaged in regular shipping business, not occasional. The Tribunal directed verification of income inclusion from 40 voyages in the return filed under section 139(1) to ensure proper assessment under normal provisions. The cross-objection filed by the assessee was dismissed. en-us Thu, 01 Nov 2012 00:00:00 +0530 Sat, 29 Dec 2012 06:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219851 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s order, confirming that the respondent should be assessed under regular provisions of the Income-tax Act. The AO's composite order under section 172(4) was quashed as the respondent was engaged in regular shipping business, not occasional. The Tribunal directed verification of income inclusion from 40 voyages in the return filed under section 139(1) to ensure proper assessment under normal provisions. The cross-objection filed by the assessee was dismissed. Case-Laws Income Tax Thu, 01 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219851