2015 (3) TMI 226

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....scheme provided under Chapter XII C of the Act. 3. Counsel for the assessee submits that this issue has been decided by the co-ordinate Bench of this Tribunal in assessee's own case for the assessment year 2006-07 in ITA No.1195/Mds/2010 dated 1.7.2011 wherein Third Member agreed with the view of the Accountant Member and held that ship operated by the assessee M.V.Gem of Ennore transporting thermal coal from one location to another location within the country is a qualifying ship under section 115VD of the Income Tax Act, 1961 and the assessee is entitled for the benefit of tonnage tax scheme provided under section XII C of the Act. 4. We have perused the above order of the Third Member and find that the issue is decided in favour of the....

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....i Bench of this Tribunal considered this issue in the in the case of Varun Shipping Co.Ltd. (supra) and deleted the disallowance under section 14A of the Act observing as under:-              "7. We have considered the rival submissions and also perused the relevant material on record. It is observed that the assessee is mainly engaged in the business of operation of ships and its income from the said business was declared and assessed as per the special provisions contained in Chapter XIIG which lay down tonnage tax scheme. As per the provisions of section 115VA contained in Chapter XIIG, the income from the business of operating qualifying ships can be computed at the option of ....