https://www.taxtmi.com/caselaws?id=757542 Bombay HC upheld ITAT's decision regarding interaction between sections 33AC and 80-I deductions for shipping companies. The court held that when computing 80-I deduction (25% of profits from ships), the 33AC deduction must be factored in first. If 33AC deduction eliminates profits, no 80-I deduction can be claimed since it's calculated as percentage of profits. The 1996 amendment only capped 33AC deduction at 50% of shipping profits versus 100% of total income, without changing the provision's core character. Court found no legislative requirement to disregard 33AC when computing 80-I deduction. en-us Fri, 23 Aug 2024 00:00:00 +0530 Mon, 13 Jan 2025 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757542 Bombay HC upheld ITAT's decision regarding interaction between sections 33AC and 80-I deductions for shipping companies. The court held that when computing 80-I deduction (25% of profits from ships), the 33AC deduction must be factored in first. If 33AC deduction eliminates profits, no 80-I deduction can be claimed since it's calculated as percentage of profits. The 1996 amendment only capped 33AC deduction at 50% of shipping profits versus 100% of total income, without changing the provision's core character. Court found no legislative requirement to disregard 33AC when computing 80-I deduction. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757542