DEPUTY CIT-5(1)(1), MUMBAI, MUMBAI vs. M/S ESSAR SHIPPING LIMITED, MUMBAI

ITA 821/MUM/2022Status: DisposedITAT Mumbai14 November 2022AY 2015-1652 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the foreign dividend income can be set off against current year's loss as there is no restriction in Section 115BBD of the Income Tax Act. The other grounds raised by the revenue were dismissed.

What were the facts?

The revenue appealed against the CIT(A)'s order which vacated an adjustment on interest on ship acquisition and restricted a transfer pricing adjustment. The CIT(A) also allowed set off of foreign dividend income against current year's loss.

What were the issues?

Whether foreign dividend income can be set off against current year's loss under Section 115BBD, and the applicability of transfer pricing provisions to tonnage tax schemes.

Which sections of the Income-tax Act were involved?

Section 115BBD,Section 115V,Section 92,Section 92F,Section 36(1)(iii),Section 71

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Cases cited in this judgment(6)Show list

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Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI AMIT SHUKLA, JM, & SHRI M BALAGANESH, AM

For Appellant: Shri Prakash R. Mane, DR प्रत्यथीकीओरसे/, Shri Manoj Patwari/ Shri
For Respondent: Shri Manoj Patwari/ Shri

Per Amit Shukla, Judicial Member:

The aforesaid appeal has been filed by the revenue against impugned order dated 28.02.2022, passed by Ld. CIT (Appeals)-56, Mumbai for the quantum of assessment passed u/s 143(3) r.w.s.

2 M/s Essar Shipping Limited 144C for AY 2015-16. The revenue has taken following grounds of appeal:-

1 The Ld. CIT(A) has vacated the adjustment of Rs.6,93,533/- made on account of interest on ship acquisition on BBCD basis (hire purchase basis) on the g

The order continues below.

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