NAN LION SHIP MANAGEMENT LLC,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) -3(3)(1), MUMBAI
In the result, the appeal filed by the assessee stands allowed
ITA 1857/MUM/2022[2019-20]Status: DisposedITAT Mumbai30 Dec 2022AY 2019-20
Bench: Shri Amit Shukla, Jm & Shri Gagan Goyal, Am आयकरअपीलसं./ I.T.A. No. 1857/Mum/2022 (निर्धारणवर्ा / Assessment Year: 2019-20) Acit (Int. Tax) – 3(3)(1), Nan Lian Ship Management 1630, 16Th Floor, Air India Llc Building Nariman Point, C/O- Chamber 2 & 3, Cosmos बिधम/ Mumbai-400 021 Trade Place, Ground Floor, Vs. Khatu Building, Opp-Bse, Fort, Mumbai-400 001 स्थायीलेखासं./जीआइआरसं./ Pan No. Aagcn0478E (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant By : Shri Nishit Gandhi /Dhanlaxmi Iyer, Ld. Ars प्रत्यथीकीओरसे/Respondent By : Shri Soumendu Kumar Das, Ld. Dr सुनवाईकीतारीख/ : 03.11.2022 Date Of Hearing घोषणाकीतारीख / : 30.12.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeal Has Been Filed By The Assessee Against The Final Assessment Order Dated 27.05.2022, Passed By Ld. Ao U/S 2
For Appellant: Shri Nishit GandhiFor Respondent: Shri Soumendu Kumar Das
Section 144C(5)Section 2Section 44BSection 9(1)(vi)
letting of the vessel as assumed by the Ld. AO.
Clause 37: As per this clause the Charterers are entitled to
determine the damages and compensation for poor / low performance levels of the vessel. Even as per this clause specifically clause (d) load capacity is relevant to determine the compensation ... those charges will be on owners account; and lastly, any compensation for non-adherence to loading or breakdown of the vessel loss/
damage, the compensation is calculated on the basis of ocean freight charges. Thus, the hire charges are not independent of the loading capacity and therefore, it cannot
