2019 (2) TMI 652

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....RDER P.C.: 1. The Tax Appeal is admitted for consideration of following substantial questions of law:- "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in upholding the deletion of addition of Rs. 14,23,075/- being sundry credit balance written back and Rs. 95,78,424/- being excess provisions written back, which was assessed income by....

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....he circumstances of the case and in law, the Tribunal was right in holding the profits on Bar / shop sales of Rs. 4,82,654/- and Directors fees of Rs. 12,03,547/- holding it as relatable to core activity of the operation of qualified ships ignoring the fact that the receipts are ancillary profits beyond the first degree nexus and therefore, not entitled for being considered as the profits from the....

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....dgment has recorded that such fees would have been allowed as an expenditure and therefore, refund of the same should be treated as income directly relatable to the core activity. It would appear, therefore, that the refund of the director's fees would only give rise to the accounting adjustment against the expenditure for such fees that the assessee's would have claimed while computing it....