https://www.taxtmi.com/caselaws?id=302314 Fractional ownership of a ship did not disqualify the assessee from claiming the tonnage tax scheme under Chapter XII-G of the Income-tax Act, 1961. The Tribunal followed its earlier coordinate bench ruling in the assessee's own case for a prior assessment year and applied the same interpretation of eligibility. On that basis, it upheld the Commissioner (Appeals)'s view granting the benefit and rejected the Revenue's challenge. The operative principle is that fractional ownership, by itself, does not defeat entitlement to the statutory tonnage tax regime where the earlier decision in the same matter has already settled the issue. en-us Wed, 18 Sep 2013 00:00:00 +0530 Mon, 16 May 2022 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302314 Fractional ownership of a ship did not disqualify the assessee from claiming the tonnage tax scheme under Chapter XII-G of the Income-tax Act, 1961. The Tribunal followed its earlier coordinate bench ruling in the assessee's own case for a prior assessment year and applied the same interpretation of eligibility. On that basis, it upheld the Commissioner (Appeals)'s view granting the benefit and rejected the Revenue's challenge. The operative principle is that fractional ownership, by itself, does not defeat entitlement to the statutory tonnage tax regime where the earlier decision in the same matter has already settled the issue. Case-Laws Income Tax Wed, 18 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302314