https://www.taxtmi.com/caselaws?id=767321 Interest on fixed deposits made for business-linked shipping requirements may be treated as part of core shipping profits where the deposits are inextricably connected with the tonnage tax business, including lien-marked, public issue, loan covenant, and working capital deposits, rather than taxed separately as income from other sources. In a tonnage tax computation under Chapter XII-G, disallowance under section 14A read with Rule 8D is not permissible for exempt dividend income because the special scheme governs the allowed expenditure. Common administrative expenditure attributable to incidental activities must be apportioned on a reasonable basis when computing relevant shipping income. en-us Tue, 11 Mar 2025 00:00:00 +0530 Sat, 15 Mar 2025 08:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767321 Interest on fixed deposits made for business-linked shipping requirements may be treated as part of core shipping profits where the deposits are inextricably connected with the tonnage tax business, including lien-marked, public issue, loan covenant, and working capital deposits, rather than taxed separately as income from other sources. In a tonnage tax computation under Chapter XII-G, disallowance under section 14A read with Rule 8D is not permissible for exempt dividend income because the special scheme governs the allowed expenditure. Common administrative expenditure attributable to incidental activities must be apportioned on a reasonable basis when computing relevant shipping income. Case-Laws Income Tax Tue, 11 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767321