https://www.taxtmi.com/caselaws?id=427605 Under the tonnage tax scheme, receipts have to fall within the statutorily defined core activities or prescribed incidental activities to be treated as shipping income. Receipts such as recovery towards leased quarters, staff car recoveries, sale of tender documents, liquidated damages, rent on hiring of quarters or offices, and miscellaneous income were held to lack the required nexus with qualifying ship operations and were assessed as non-core income. By contrast, receipts from sale of scrap, sale of empties, sale of waste oil, exchange difference, and condemned machinery scrap sales were treated as directly connected with dredging and shipping operations and thus formed part of core activity income. The appeal and cross-objection were disposed of accordingly. en-us Fri, 09 Sep 2022 00:00:00 +0530 Mon, 12 Sep 2022 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427605 Under the tonnage tax scheme, receipts have to fall within the statutorily defined core activities or prescribed incidental activities to be treated as shipping income. Receipts such as recovery towards leased quarters, staff car recoveries, sale of tender documents, liquidated damages, rent on hiring of quarters or offices, and miscellaneous income were held to lack the required nexus with qualifying ship operations and were assessed as non-core income. By contrast, receipts from sale of scrap, sale of empties, sale of waste oil, exchange difference, and condemned machinery scrap sales were treated as directly connected with dredging and shipping operations and thus formed part of core activity income. The appeal and cross-objection were disposed of accordingly. Case-Laws Income Tax Fri, 09 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427605