2023 (7) TMI 14

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....DER PER PRASHANT MAHARISHI, AM: 01. ITA No. 7624/Mum/2023 is filed by the Dy. Commissioner of Income Tax, 5(3)(1), Mumbai (the learned Assessing Officer) for A.Y. 2018-19 against the appellate order passed by National Faceless Appeal Centre, Delhi [the learned CIT (A)] dated 11th January, 2023, raising the following solitary grounds of appeal:- "1. On the facts and circumstances of ....

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....horities. As the assessee is qualifying tonnage tax company under Section 115VC and such scheme is approved in case of the assessee under Section 115VP of the Income-tax Act, 1961 (the Act) as per order dated 30th May, 2014 for ten years up to 2024-25. Therefore, the assessee filed its return of income for A.Y. 2018-19 on 31st October, 2018 at the total income of Rs. 75,02,850/-. 03. The centra....

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....ship income. It was also submitted that when communication was received about the proposed adjustment, assessee submitted that CIRP proceedings has been initiated against the company with effect from 24th April, 2019 and liquidation has been ordered by NCLT as per order dated 26th September, 2019. Therefore, no information could be provided, however, assessee submitted complete detail stating that....

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.... learned Departmental Representative. None appeared on behalf of the assessee. Therefore, the appeal is decided on the merits of the case. 08. The learned CIT (A) has categorically noted that assessee is a qualifying Tonnage tax company and its claim is also approved as per order dated 30th May, 2014. To the Tonnage tax company, special provision are applicable and the profits are computed from....