https://www.taxtmi.com/caselaws?id=261637 Tonnage-tax computed shipping income does not permit a separate section 14A read with Rule 8D disallowance for exempt dividend-related expenditure, because the special presumptive scheme already governs the allowability of business expenditure; the deletion of that disallowance was upheld. For book-profit computation under section 115JB, impairment loss on ships linked to the tonnage-tax business and a section 14A disallowance could not be added unless the statute expressly permitted such adjustments; the additions were rejected. The Revenue's challenge therefore failed and the assessee obtained relief on both disputed adjustments. en-us Tue, 30 Jun 2015 00:00:00 +0530 Sat, 18 Jul 2015 08:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261637 Tonnage-tax computed shipping income does not permit a separate section 14A read with Rule 8D disallowance for exempt dividend-related expenditure, because the special presumptive scheme already governs the allowability of business expenditure; the deletion of that disallowance was upheld. For book-profit computation under section 115JB, impairment loss on ships linked to the tonnage-tax business and a section 14A disallowance could not be added unless the statute expressly permitted such adjustments; the additions were rejected. The Revenue's challenge therefore failed and the assessee obtained relief on both disputed adjustments. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261637