https://www.taxtmi.com/caselaws?id=178538 Income computed under the Tonnage Tax Scheme in Chapter XII-G is determined under a special presumptive code, with qualifying ship income and related business profits calculated on a deemed basis. On that footing, the Tribunal noted that the scheme governs the allowability of expenses attributable to the shipping business and excludes application of the normal business-income rules. It therefore held, following the assessee's earlier year, that a separate disallowance under section 14A for expenditure relatable to exempt dividend income is not permissible where shipping income is computed under Chapter XII-G, and the disallowance was unsustainable. en-us Fri, 29 Jun 2012 00:00:00 +0530 Mon, 08 Feb 2016 14:07:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178538 Income computed under the Tonnage Tax Scheme in Chapter XII-G is determined under a special presumptive code, with qualifying ship income and related business profits calculated on a deemed basis. On that footing, the Tribunal noted that the scheme governs the allowability of expenses attributable to the shipping business and excludes application of the normal business-income rules. It therefore held, following the assessee's earlier year, that a separate disallowance under section 14A for expenditure relatable to exempt dividend income is not permissible where shipping income is computed under Chapter XII-G, and the disallowance was unsustainable. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178538