https://www.taxtmi.com/caselaws?id=25945 The High Court of Calcutta ruled in favor of a non-resident shipping company regarding the interpretation of rule 10(ii) of the Income-tax Rules, 1962. The court held that items like interest on discount, adjustment of currency, and general average should be included in total business receipts for tax assessment purposes. The court emphasized that these items were connected to the shipping business and deemed assessable to tax, affirming the inclusion in the total income of the assessee. The judgment favored the assessee, directing a fresh computation of Indian income based on world income. en-us Thu, 05 Dec 1985 00:00:00 +0530 Mon, 01 Feb 2010 17:48:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25945 The High Court of Calcutta ruled in favor of a non-resident shipping company regarding the interpretation of rule 10(ii) of the Income-tax Rules, 1962. The court held that items like interest on discount, adjustment of currency, and general average should be included in total business receipts for tax assessment purposes. The court emphasized that these items were connected to the shipping business and deemed assessable to tax, affirming the inclusion in the total income of the assessee. The judgment favored the assessee, directing a fresh computation of Indian income based on world income. Case-Laws Income Tax Thu, 05 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25945