https://www.taxtmi.com/caselaws?id=19060 The court ruled in favor of the shipping corporation, allowing the sum of Rs. 3,32,848 to be treated as income derived from the shipping business and eligible for relief under section 80J of the Income-tax Act, 1961. The court emphasized the nexus between the interest amounts and the foreign business activities of the shipping company, determining that the income was incidental to the principal business of shipping. Consequently, the court answered in the affirmative for the assessee, denying the Revenue's argument and granting the benefit under section 80J, with no order as to costs. en-us Sat, 13 May 1995 00:00:00 +0530 Tue, 03 Nov 2009 16:53:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19060 The court ruled in favor of the shipping corporation, allowing the sum of Rs. 3,32,848 to be treated as income derived from the shipping business and eligible for relief under section 80J of the Income-tax Act, 1961. The court emphasized the nexus between the interest amounts and the foreign business activities of the shipping company, determining that the income was incidental to the principal business of shipping. Consequently, the court answered in the affirmative for the assessee, denying the Revenue's argument and granting the benefit under section 80J, with no order as to costs. Case-Laws Income Tax Sat, 13 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19060