https://www.taxtmi.com/caselaws?id=8189 The court held that profits must directly originate from a ship itself to qualify as "any profits and gains derived from a ship" under section 80J of the Income-tax Act, 1961. The petitioner's claim for relief under sections 80J and 80K was denied as the profits were not directly derived from the ship but from business activities using the ship. The court emphasized that fulfilling conditions in sub-section (5) of section 80J alone does not confer benefits; profits must be directly derived from the ship. The respondent's interpretation was upheld, and the petitioner's request was denied with no costs awarded. en-us Thu, 10 Sep 1970 00:00:00 +0530 Thu, 02 Apr 2009 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8189 The court held that profits must directly originate from a ship itself to qualify as "any profits and gains derived from a ship" under section 80J of the Income-tax Act, 1961. The petitioner's claim for relief under sections 80J and 80K was denied as the profits were not directly derived from the ship but from business activities using the ship. The court emphasized that fulfilling conditions in sub-section (5) of section 80J alone does not confer benefits; profits must be directly derived from the ship. The respondent's interpretation was upheld, and the petitioner's request was denied with no costs awarded. Case-Laws Income Tax Thu, 10 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8189