https://www.taxtmi.com/caselaws?id=278989 For computation of shipping business income under section 44B of the Income-tax Act, 1961, deferred rebate allowed to shippers was not deductible from gross freight earnings. The Court treated the point as covered by its earlier interpretation of section 44B and held the assessee's claim untenable. The Court also held that brought forward unabsorbed depreciation could not be set off against the foreign shipping company's income for the relevant assessment year, again following its prior precedent on the computation of shipping income. Both issues were decided against the assessee and in favour of the Revenue. en-us Wed, 30 May 1990 00:00:00 +0530 Wed, 27 Feb 2019 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278989 For computation of shipping business income under section 44B of the Income-tax Act, 1961, deferred rebate allowed to shippers was not deductible from gross freight earnings. The Court treated the point as covered by its earlier interpretation of section 44B and held the assessee's claim untenable. The Court also held that brought forward unabsorbed depreciation could not be set off against the foreign shipping company's income for the relevant assessment year, again following its prior precedent on the computation of shipping income. Both issues were decided against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 30 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278989