https://www.taxtmi.com/caselaws?id=439741 A qualifying tonnage tax company must have its income computed under Chapter XII-G on the basis of the special tonnage tax regime, so normal business-income disallowances do not apply in the same manner. On that footing, the processing adjustment disallowing depreciation and other expenses could not be sustained, particularly where no separate depreciation claim under section 32 had been made. The ITAT Mumbai accordingly deleted the adjustments and held that the assessee's income had to be computed under the tonnage tax regime, with the Revenue's challenge failing. en-us Tue, 27 Jun 2023 00:00:00 +0530 Sat, 01 Jul 2023 08:57:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439741 A qualifying tonnage tax company must have its income computed under Chapter XII-G on the basis of the special tonnage tax regime, so normal business-income disallowances do not apply in the same manner. On that footing, the processing adjustment disallowing depreciation and other expenses could not be sustained, particularly where no separate depreciation claim under section 32 had been made. The ITAT Mumbai accordingly deleted the adjustments and held that the assessee's income had to be computed under the tonnage tax regime, with the Revenue's challenge failing. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439741