https://www.taxtmi.com/caselaws?id=422567 Fractional ownership of a qualifying ship does not, by itself, disqualify an assessee from the tonnage tax regime where the statutory conditions under Chapter XII-G are satisfied and the assessee's share in the ship and income is definite and ascertainable. The provision governing joint operation of a qualifying ship recognises allocation of tonnage income according to each co-owner's share, and the existence of operational arrangements with another entity does not negate eligibility. On that basis, the assessee was entitled to tonnage tax benefit, and the Revenue's challenge failed. en-us Mon, 09 May 2022 00:00:00 +0530 Tue, 17 May 2022 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422567 Fractional ownership of a qualifying ship does not, by itself, disqualify an assessee from the tonnage tax regime where the statutory conditions under Chapter XII-G are satisfied and the assessee's share in the ship and income is definite and ascertainable. The provision governing joint operation of a qualifying ship recognises allocation of tonnage income according to each co-owner's share, and the existence of operational arrangements with another entity does not negate eligibility. On that basis, the assessee was entitled to tonnage tax benefit, and the Revenue's challenge failed. Case-Laws Income Tax Mon, 09 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422567