https://www.taxtmi.com/caselaws?id=253880 Foreign currency translation gain arising directly from shipping operations retains the character of business income connected with the core activity and cannot be carved out as separate taxable income merely because shipping profits are computed under the tonnage tax scheme. Section 14A disallowance is not attracted where no expenditure has been claimed in computing total income; the disallowance machinery under sub-sections (2) and (3) operates only after that foundational condition is met. On these principles, both additions were deleted and the assessee obtained relief on both issues. en-us Fri, 08 Aug 2014 00:00:00 +0530 Tue, 02 Dec 2014 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253880 Foreign currency translation gain arising directly from shipping operations retains the character of business income connected with the core activity and cannot be carved out as separate taxable income merely because shipping profits are computed under the tonnage tax scheme. Section 14A disallowance is not attracted where no expenditure has been claimed in computing total income; the disallowance machinery under sub-sections (2) and (3) operates only after that foundational condition is met. On these principles, both additions were deleted and the assessee obtained relief on both issues. Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253880