https://www.taxtmi.com/caselaws?id=174968 The HC dismissed the revenue's appeal, affirming the Tribunal's decisions on all issues. It upheld the classification of the vessel as a ship for section 33AC purposes, supporting the assessee's claim for depreciation. The Court found no evidence contradicting the assessee's assertion that the vessel was not used in Indian waters before acquisition, thus supporting the claim under section 80-IA(3). Additionally, the Court agreed with the Tribunal that there was compliance with section 80-IA(4) regarding infrastructure facilities, noting no substantial legal issue was present. en-us Wed, 14 Nov 2007 00:00:00 +0530 Sat, 30 Dec 2023 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174968 The HC dismissed the revenue's appeal, affirming the Tribunal's decisions on all issues. It upheld the classification of the vessel as a ship for section 33AC purposes, supporting the assessee's claim for depreciation. The Court found no evidence contradicting the assessee's assertion that the vessel was not used in Indian waters before acquisition, thus supporting the claim under section 80-IA(3). Additionally, the Court agreed with the Tribunal that there was compliance with section 80-IA(4) regarding infrastructure facilities, noting no substantial legal issue was present. Case-Laws Income Tax Wed, 14 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174968