https://www.taxtmi.com/caselaws?id=312267 Income computed under the tonnage tax scheme for shipping business was held to fall within Chapter XII-C where the ship was used for transporting thermal coal within India and qualified under Section 115VD. On that basis, the Tribunal followed its earlier view that the assessee remained eligible for the special regime. It also stated that once shipping income is assessed under the tonnage tax provisions, only the deemed business expenditure connected with that business is allowed, so no separate disallowance under Section 14A could be sustained for exempt dividend income. The same reasoning applied to the related adjustment in the Section 115JB computation, which was also not sustainable. en-us Wed, 15 Mar 2017 00:00:00 +0530 Fri, 09 Feb 2024 18:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312267 Income computed under the tonnage tax scheme for shipping business was held to fall within Chapter XII-C where the ship was used for transporting thermal coal within India and qualified under Section 115VD. On that basis, the Tribunal followed its earlier view that the assessee remained eligible for the special regime. It also stated that once shipping income is assessed under the tonnage tax provisions, only the deemed business expenditure connected with that business is allowed, so no separate disallowance under Section 14A could be sustained for exempt dividend income. The same reasoning applied to the related adjustment in the Section 115JB computation, which was also not sustainable. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312267