OCEAN SPARKLE LTD., HYD,HYDERABAD vs. DCIT, CIRCLE-16(3), HYDERABAD, HYDERABAD

In the result, both the appeals for AY 2011-12 and 2012-

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

115V namely tonnage division and non tonnage division. The books are maintained separately for both the divisions. During this year, the assessee disposed of ships which falls in the tonnage division. Assessee by following company law provisions and depreciation method as per company law arrived at a profit on sale of fixed asset

OCEAN SPARKLE LTD., HYD,HYDERABAD vs. DCIT, CIRCLE-16(3), HYDERABAD, HYDERABAD

In the result, both the appeals for AY 2011-12 and 2012-

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

115V namely tonnage division and non tonnage division. The books are maintained separately for both the divisions. During this year, the assessee disposed of ships which falls in the tonnage division. Assessee by following company law provisions and depreciation method as per company law arrived at a profit on sale of fixed asset

OCEAN SPARKLE LIMITED,HYDERABAD vs. DCIT., CIRCLE-5(1), HYDERABAD

disallowance is required to be made in respect of the amounts allocated to Tonnage Tax Division in as much as the income thereof is computed under the Tonnage Tax Scheme in accordance with "Chapter XII G SPECIAL PROVISIONS RELATING TO INCOME OF SHIPPING OF COMPANIES, Section 115V