https://www.taxtmi.com/caselaws?id=394951 The Tribunal upheld the reopening of the assessment under Section 148, determining that the Assessing Officer had jurisdiction as the notice was issued within the prescribed timeframe and based on the income not derived from core activities under Section 115VI. Regarding the allocation of other income towards exempt tonnage income, the Tribunal found that certain components were related to core shipping activities and should be apportioned accordingly. The Tribunal allowed the assessee to claim a refund, directing the AO to calculate the refund amount while ensuring that the assessed income does not fall below the originally returned income. The appeal was partly allowed, with the excess addition of tonnage tax income being deleted. en-us Mon, 16 Mar 2020 00:00:00 +0530 Thu, 30 Apr 2020 13:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394951 The Tribunal upheld the reopening of the assessment under Section 148, determining that the Assessing Officer had jurisdiction as the notice was issued within the prescribed timeframe and based on the income not derived from core activities under Section 115VI. Regarding the allocation of other income towards exempt tonnage income, the Tribunal found that certain components were related to core shipping activities and should be apportioned accordingly. The Tribunal allowed the assessee to claim a refund, directing the AO to calculate the refund amount while ensuring that the assessed income does not fall below the originally returned income. The appeal was partly allowed, with the excess addition of tonnage tax income being deleted. Case-Laws Income Tax Mon, 16 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394951