https://www.taxtmi.com/caselaws?id=257290 Tonnage tax treatment under Chapter XII-C applied where the assessee's vessel used for transporting thermal coal within India was held to be a qualifying ship under section 115VD, so the special shipping regime was available. The Tribunal also held that, once income from qualifying ship operations is computed under the tonnage tax mechanism, business expenses are governed by that special computation and no separate disallowance under section 14A can be made in relation to exempt income. On both issues, the assessee succeeded and the Revenue's challenge failed. en-us Fri, 13 Jun 2014 00:00:00 +0530 Tue, 06 Jan 2015 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257290 Tonnage tax treatment under Chapter XII-C applied where the assessee's vessel used for transporting thermal coal within India was held to be a qualifying ship under section 115VD, so the special shipping regime was available. The Tribunal also held that, once income from qualifying ship operations is computed under the tonnage tax mechanism, business expenses are governed by that special computation and no separate disallowance under section 14A can be made in relation to exempt income. On both issues, the assessee succeeded and the Revenue's challenge failed. Case-Laws Income Tax Fri, 13 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257290