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)

Section 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

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. ASST CIT CIRCLE 5(3)(2), MUMBAI

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

115V-I of the Act and the tax is paid of\nincome computed in accordance with the provisions of Section\n115V-I of the Act based on the tonnage of the ships operated by\nthe assessee company. Accordingly, the gross receipts of the\ntonnage tax business (Rs.14,03,07,80,962/-) and the expenses\npertaining to the tonnage tax business

DCIT-CC5(3), MUMBAI vs. SAMSON MARITIME LIMITED, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

SAMSON MARITIME LIMITED,MUMBAI vs. DCIT, CC-5(3), MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

SAMSON MARITIME LIMITED,MUMBAI vs. DCIT, CC-5(3), MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

SAMSON MARITIME LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX (APPEAL)-53, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

SAMSON MARITIME LIMITED ,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 5(3), MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

DY COMMISSIONER OF INCOME TAX (APPEAL)-53, MUMBAI vs. SAMSON MARITIME LIMITED, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

DY COMMISSIONER OF INCOME TAX (APPEAL)-53, MUMBAI vs. SAMSON MARITIME LIMITED, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

SAMSON MARITIME LIMITED,MUMBAI CITY vs. DCIT, CC-5(3), MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

DY COMMISSIONER OF INCOME TAX (APPEAL)-53, MUMBAI vs. SAMSON MARITIME LIMITED, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

DY COMMISSIONER OF INCOME TAX (APPEAL)-53, MUMBAI vs. SAMSON MARITIME LIMITED, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(3), MUMBAI vs. M/S SAMSON MARITIME LTD, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

THE DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(3) , MUMBAI vs. M/S SAMSON MARITIME LTD, MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

SAMSON MARITIME LIMITED,MUMBAI vs. DCIT, CC-5(3), MUMBAI

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

Bench: SHRI AMIT SHUKLA (Judicial Member), MS PADMAVATHY S (Accountant Member)

115V provides definition describing „qualifying ship‟ and sea going ship in the following manner:- (a)…. (b)…. (c)…. (d)….. (e)…. (f)….. Samson Maritime Ltd., (g)…. (h) "qualifying ship" means a ship referred to in section 115-VD. (i) "seagoing ship" means a ship if it is certified as such by the competent authority of any country; (k) "tonnage tax activities" means

THE GREAT EASTERN SHIPPING COMPANY LTD,MUMBAI vs. ASST CIT CIR 5(3)(2), MUMBAI

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

115V-I of the Act and the tax is paid of\nincome computed in accordance with the provisions of Section\n115V-I of the Act based on the tonnage of the ships operated by\nthe assessee company. Accordingly, the gross receipts of the\ntonnage tax business (Rs.14,03,07,80,962/-) and the expenses\npertaining to the tonnage tax business

ACIT - 3(4), MUMBAI vs. THE SHIPPING CORPORATION OF INDIA LTD., MUMBAI

In the result, the appeal of the assessee is partly allowed and the\nappeal of the revenue is dismissed

115V-I shall not\nbe chargeable to tax.\nComputation of tonnage income.\n115VG. (1) The tonnage income of a tonnage tax company for a previous\nyear shall be the aggregate of the tonnage income of each qualifying ship\ncomputed in accordance with the provisions of subsections (2) and (3).\n(2) For the purposes of sub-section (1), the tonnage

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

In the result, appeal filed by the learned assessing officer is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

Gains of business or profession" notwithstanding anything to the contrary contained in section 28 to 43C. It, therefore, follows that when the income of the assessee from the business of operating ships is computed as per the special provisions contained in Chapter XIIG, only the expenses incurred by the assessee for earning income of the said business are deemed