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of <h1>ITAT Mumbai 2024 Ruling Clarifies Transfer Pricing and Tonnage Tax Scheme for Shipping Firms, Assessment Year 2012-13.</h1> The 2024 ITAT Mumbai decision addresses complex tax issues involving transfer pricing, the Tonnage Tax Scheme, and other financial matters concerning a prominent shipping company for the assessment year 2012-13. The Tribunal examined several key issues, including the applicability of transfer pricing to the Tonnage Tax Scheme, the classification of interest income as business income, and the disallowance of deductions under various sections of the Income Tax Act. The ruling emphasized judicial consistency, particularly in transfer pricing adjustments and hire charge allocations. The decision provides significant insights into interpreting tax provisions and sets precedents for future cases.
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