https://www.taxtmi.com/caselaws?id=391865 The Court held that shipping agency fees and hire charges of machinery and installations are to be reduced from profits under Section 80 HHC on a net basis. Receipts under "extraction charges" were not considered part of the "total turnover" for deduction. Interest received from subsidiary companies was assessed as "Income from other sources." Certain receipts were to be reduced under clause (baa) to Section 80 HHC, while demurrage payable to non-resident ship owners/charterers was not disallowable under section 40(a)(i). Bad debt written off was allowed as irrecoverable, and interest credited in accounts forming part of bad debt written off was not to be netted off from total interest assessed. en-us Mon, 03 Feb 2020 00:00:00 +0530 Mon, 18 Jan 2021 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391865 The Court held that shipping agency fees and hire charges of machinery and installations are to be reduced from profits under Section 80 HHC on a net basis. Receipts under "extraction charges" were not considered part of the "total turnover" for deduction. Interest received from subsidiary companies was assessed as "Income from other sources." Certain receipts were to be reduced under clause (baa) to Section 80 HHC, while demurrage payable to non-resident ship owners/charterers was not disallowable under section 40(a)(i). Bad debt written off was allowed as irrecoverable, and interest credited in accounts forming part of bad debt written off was not to be netted off from total interest assessed. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391865