DCIT CIR 5(3)(2), MUMBAI vs. THE GREAT EASTERN SHIPPING CO. LTD, MUMBAI

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S.RIFAUR RAHMAN (Accountant Member)

115V-I of the Act based on the tonnage of the ships operated by the assessee company. Accordingly, the gross receipts of the tonnage tax business (Rs.14,03,07,80,962/-) and the expenses pertaining to the tonnage tax business (Rs.12,22,54,24,636/-) have been excluded while computing the business income of the assessee company

ACIT-CIRCLE-5(3)(2), MUMBAI vs. M/S GREAT EASTERN SHIPPING CO. LTD., MUMBAI

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S.RIFAUR RAHMAN (Accountant Member)

115V-I of the Act based on the tonnage of the ships operated by the assessee company. Accordingly, the gross receipts of the tonnage tax business (Rs.14,03,07,80,962/-) and the expenses pertaining to the tonnage tax business (Rs.12,22,54,24,636/-) have been excluded while computing the business income of the assessee company

TOLANI SHIPPING CO. LTD.,MUMBAI vs. DCIT,CIR-5(3)(2), MUMBAI

In the result, this appeal by the assessee for A

TDS and taxes paid by the assessee. Hence, learned CIT(A) was of the opinion that the Assessing Officer was correct in not taking care of this issue. He declined to adjudicate merits of the issues raised. He referred to the earlier order of learned CIT(A) dated 30.1.2009, wherein learned CIT(A) has held that he agreed with