https://www.taxtmi.com/caselaws?id=768994 Qualifying ship status under the tonnage tax scheme depended on the statutory conditions being met; registered, certified vessels exceeding the prescribed tonnage qualified, and time charter hiring income was treated as shipping business income within the scheme. Victualling expenses were accepted as normal crew welfare expenditure, while sundry and sales promotion expenses were only partly disallowed where business nexus was not fully established. Interest on fixed deposit margin was assessable under income from other sources, but only after netting directly related interest expenditure. The deemed dividend issue from share-capital reduction was sent back for fresh examination, while the addition based on the property transfer valuation was sustained. en-us Mon, 17 Mar 2025 00:00:00 +0530 Tue, 15 Apr 2025 15:45:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768994 Qualifying ship status under the tonnage tax scheme depended on the statutory conditions being met; registered, certified vessels exceeding the prescribed tonnage qualified, and time charter hiring income was treated as shipping business income within the scheme. Victualling expenses were accepted as normal crew welfare expenditure, while sundry and sales promotion expenses were only partly disallowed where business nexus was not fully established. Interest on fixed deposit margin was assessable under income from other sources, but only after netting directly related interest expenditure. The deemed dividend issue from share-capital reduction was sent back for fresh examination, while the addition based on the property transfer valuation was sustained. Case-Laws Income Tax Mon, 17 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768994