Shipping Company Wins Tribunal Ruling: Most Income Deemed Core, Foreign Tax Credit Granted, Revenue's Appeal Dismissed.

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....The assessee, a shipping company under the Tonnage Tax Scheme, had declared certain incomes like sundry credit balances written back, excess provisions written back, sundry receipts, insurance and PI claims, house rent, bus service receipts, interest income, commission on disbursements, profit on bar and shop sales, sundries related to core shipping activities, and water charges recovery as part of core shipping income u/s 115V(2). The AO treated some of these incomes as non-core, taxing them under normal provisions. The CIT(A) and DRP provided relief on certain issues. The ITAT allowed the assessee's claim, treating these incomes as core shipping activities based on co-ordinate bench rulings, except for profit on bar/shop sales which was h.........