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

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhary , 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, 5 Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of Income- The Great Eastern Shipping Co. Tax, 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)

Section 115V-I of the Act, based on the tonnage of the ships operated by the Appellant Company. Hence, the gross receipts of the tonnage pg. 10 tax business (Rs.1931.34 crores) and the expenses pertaining to the tonnage tax business (Rs.1747.73 crores) have been excluded while computing the Business Income of the Appellant Company. Disallowance

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

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

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

Section 115V-I of the Act, based on the tonnage of the ships operated by the Appellant Company. Hence, the gross receipts of the tonnage pg. 10 tax business (Rs.1931.34 crores) and the expenses pertaining to the tonnage tax business (Rs.1747.73 crores) have been excluded while computing the Business Income of the Appellant Company. Disallowance

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

In the result, appeal of the assessee (ITA number 1597/M/2018) is allowed for statistical purposes

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

Section 115V-I of the Act, based on the tonnage of the ships operated by the Appellant Company. Hence, the gross receipts of the tonnage pg. 10 tax business (Rs.1931.34 crores) and the expenses pertaining to the tonnage tax business (Rs.1747.73 crores) have been excluded while computing the Business Income of the Appellant Company. Disallowance

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

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

sections": [ "14A", "8D(2)(i)", "8D(2)(ii)", "8D(2)(iii)", "28(iv)", "41(1)", "115V-I", "115VW(i)", "115VD", "115VL", "115VM" ], "issues": "The primary issues were the correct computation of disallowance

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

Section 115V-I of the Act, based on the tonnage of the ships operated by assessee .Hence, the gross receipts of the tonnage tax business and the expenses pertaining to the tonnage tax business are excluded while computing the Business Income of the Appellant Company. As per the ROI filed in computation of Total Income Assessee has the worked

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)

Section 115V-I of the Act, based on the tonnage of the ships operated by assessee .Hence, the gross receipts of the tonnage tax business and the expenses pertaining to the tonnage tax business are excluded while computing the Business Income of the Appellant Company. As per the ROI filed in computation of Total Income Assessee has the worked

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)

disallowance under Section 14A was computed by the ld.AO at Rs.14,17,22,864/- 7. Before us ld. Counsel for the assessee submitted that this precise issue is covered by the decision of the Tribunal in assessee’s own case for A.Y.2008-09 and 2009-10. It has been again followed in the subsequent assessment years from

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)

disallowance under Section 14A was computed by the ld.AO at Rs.14,17,22,864/- 7. Before us ld. Counsel for the assessee submitted that this precise issue is covered by the decision of the Tribunal in assessee’s own case for A.Y.2008-09 and 2009-10. It has been again followed in the subsequent assessment years from

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

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

disallowance of interest can be made. Certain other grounds related to foreign exchange gains, TDS credit, and performance guarantees were also decided.", "result": "Allowed", "sections": [ "14A", "115JB", "28(iv)", "41(1)", "43A", "72", "115V

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

Appeal stands dismissed whereas the assessee’s appeal stands partly allowed

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.4136/Mum/2017 (िनधा"रण वष" / Assessment Year: 2011-12) & आयकरअपील सं./ I.T.A. No.4137/Mum/2017 (िनधा"रण वष" / Assessment Year: 2012-13) M/S. Tolani Shipping Co. Ltd. Dcit–Circle-5(3)(2) बनाम/ Room No.518, 5Th Floor 10-A, Bakhtawar Nariman Point Aaykar Bhavan, M.K. Road Vs. Mumbai-400021. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4127-C (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपील सं./ I.T.A. No.4743/Mum/2017 (िनधा"रण वष" / Assessment Year: 2011-12) & आयकरअपील सं./ I.T.A. No.4742/Mum/2017 (िनधा"रण वष" / Assessment Year: 2012-13) Dcit–Circle-5(3)(2) M/S. Tolani Shipping Co. Ltd. Room No.518, 5Th Floor बनाम/ 10-A, Bakhtawar Aaykar Bhavan, M.K. Road Nariman Point Vs. Mumbai-400 020. Mumbai-400021. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4127-C (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee By : Shri Rajiv Khandelwal-Ld. Ar Revenue By : Shri Amit Pratap Singh-Ld. Sr. Dr सुनवाई की तारीख/ : 10/01/2010 Date Of Hearing घोषणा की तारीख / : 13/03/2020 Date Of Pronouncement

Section 115V to 115VZB)and hence question of disallowance of EXPENDITURE u/s.14A under Chapter IV does not arise. 6. The Learned

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE- 3(4) MUMBAI, MUMBAI vs. THE SHIPPING CORPORATION OF INDIA LIMITED, MUMBAI

In the result, the appeal by the Revenue is dismissed

Bench: Shri Amarjit Singhshri Sandeep Singh Karhail

section 115VJ of the Act these expenses should be allocated to activities other than tonnage tax business on a reasonable basis. The AO, vide assessment ITAs No.1751 & 1971/Mum/2024 (A.Ys. 2018-19) 19 order, following the approach adopted in the preceding year, disallowed the administrative expenditure claimed by the assessee. 29. The learned CIT(A), vide impugned order, allowed the ground

PFS SHIPPING (I) LIMITED,MUMBAI vs. DCIT CC 1(2), MUMBAI

In the result, the appeal preferred by the Assessee [ITA No

115V-I of the Act and Rule 11R it is clear that the interest 7 ITA. No. 1347 & 1462/Mum/2019 Assessment Year: 2013-14 income on loans to subsidiaries and the interest income earned from deposits do not form part of either core activities or the incidental or incidental activity. Therefore, we confirm the order passed by CIT(A) in this

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

In the result, this appeal by the assessee for A

disallowed on ground that it was not carrying on actual shipping business in that year - Held, no In the case of Shipping Corporation of India Ltd. Vs. Addl. CIT (15 Taxmann.com 141) it was held that :- Section 115VA, read with section 41(1) of the Income-tax Act, 1961 - Shipping business -Computation of profits and gains from business of operating

THE SHIPPING CORPORATION OF INDIA,MUMBAI vs. DY COMM OF INCOME TAX-3(4), MUMBAI

In the result, the appeal by the Revenue is dismissed

section 115VI(1) of the Act does not provide for\nany allocation, the assessee was asked to show cause why the allocation of\nadministrative expenditure to the computation of income of incidental activity\nshould not be disallowed. In response, the assessee submitted that the\nadministrative expenses are incurred for the entire business comprising of\ncore shipping activities, incidental activities which

VAN OORD INDIA P.LTD,MUMBAI vs. ASST CIT CIR 5(3), MUMBAI

In the result, the appeal of the assessee is allowed as above

Bench: Shri G.S. Pannu & Shri Saktijit Deyassessment Year : 2007-08

115V to 115VZC) which is a self-contained code. The provisions of transfer pricing regulations does not apply to the companies whose income is taxable under TTS, and hence, the enhancement of income based on the order of TPO on account of transfer pricing adjustment would not have any effect on the taxable income of the assessee. The Ld. Senior

VAN OORD INDIA P.LTD,MUMBAI vs. DCIT RG 5(3), MUMBAI

In the result, the appeal of the assessee is treated as partly allowed for statistical purposes

Bench: Shri. A. D. Jain & Shri Rajesh Kumar

115V to section 115VZC or Chapter XII - G pertaining to taxability of companies covered under the TTS and thus the adjustment made by the learned AO/TPO/DRP would have no impact on the income pertaining to the tonnage tax activities of the Appellant. 6. The learned AO/ DRP erred in not appreciating the fact that

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 (I)\nFor the purposes of this Chapter, the relevant shipping income of\na tonnage tax company means-\n(i)\n(ii)\nIts profits from core activities referred to in sub-section (2) -\nIts profits from incidental activities referred to in sub-section (5);\nProvided that where the aggregate of all such incomes specified in clause (ii)\nexceeds

ESSAR PORTS LTD,MUMBAI vs. DCIT 5(1)(2), MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri M.Balaganesh & Shri Ravish Soodm/S Essar Ports Ltd. Dcit, 5(1)(2) (Formerly Known As Essar Shipping Ports & Logistics Ltd.) Aayakar Bhavan, 11, K.K. Marg, Mahalaxmi, Vs. Mumbai - 400020 Mumbai – 400 034

disallowance computed under Sec.14A r.w. Rule 8D was to be added for the purpose of working out the „book profit‟ under Sec.115JB of the Act. On the basis of our aforesaid observations, we restore the issue to the file of the A.O who is directed to rework out the „book profit‟ of the assessee under Sec. 115JB in terms