https://www.taxtmi.com/caselaws?id=302318 A jointly owned vessel that had already received approval under the tonnage tax regime continued to qualify for the scheme. The Revenue argued that fractional ownership and operation of the ship by another co-owner disqualified the assessee, but the governing provisions on ownership, qualifying ships, and the tonnage tax scheme did not require each co-owner to personally operate the vessel. The earlier assessment year decision treating the same vessel as a qualifying ship also supported the claim, and no material distinction was shown for the year in question. The assessee therefore remained eligible for tonnage tax treatment, and the Revenue's objection failed. en-us Fri, 31 Jan 2014 00:00:00 +0530 Mon, 16 May 2022 20:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302318 A jointly owned vessel that had already received approval under the tonnage tax regime continued to qualify for the scheme. The Revenue argued that fractional ownership and operation of the ship by another co-owner disqualified the assessee, but the governing provisions on ownership, qualifying ships, and the tonnage tax scheme did not require each co-owner to personally operate the vessel. The earlier assessment year decision treating the same vessel as a qualifying ship also supported the claim, and no material distinction was shown for the year in question. The assessee therefore remained eligible for tonnage tax treatment, and the Revenue's objection failed. Case-Laws Income Tax Fri, 31 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302318