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

In the result, this appeal by the assessee for A

68,141/- which was claimed exempt under section 10(33) of the I.T. Act. The Assessing Officer found that the assessee-company has debited an interest expenses of Rs. 15,24,00,244/- in the profit and loss account but has not attributed any expenditure towards earning of such exempt income. The assessee argued before the AO that investments

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

115V to 115VZB)and hence question of disallowance of EXPENDITURE u/s.14A under Chapter IV does not arise. 6. The Learned CIT(A) erred in confirming the addition u/s.l4A to the TONNAGE TAX INCOME computed by Appellant in Return of Income under Chapter XIIG of the Act overlooking that TONNAGE TAX INCOME is computed on deemed income basis on the TONNAGE

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

68,66,467/- (as against the net interest expenditure attributable to the non-tonnage tax activities of Rs. 1,34,16,234/- considered by the assessee while applying clause 2(ii) of Rule 8D) and computed the disallowance under Rule 8D(2)(ii) at Rs.34,47,00,310/-, The AO also disallowed a further notional amount

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)

68,66,467/- (as against the net interest expenditure attributable to the non-tonnage tax activities of Rs. 1,34,16,234/- considered by the assessee while applying clause 2(ii) of Rule 8D) and computed the disallowance under Rule 8D(2)(ii) at Rs.34,47,00,310/-, The AO also disallowed a further notional amount

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)

68,66,467/- (as against the net interest expenditure attributable to the non-tonnage tax activities of Rs. 1,34,16,234/- considered by the assessee while applying clause 2(ii) of Rule 8D) and computed the disallowance under Rule 8D(2)(ii) at Rs.34,47,00,310/-, The AO also disallowed a further notional amount

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

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)

68,113. The book profit was also enhanced by disallowance under section 14 A of the act. 15. Assessee preferred an objection before the learned dispute resolution panel, directions were passed under section 144C (5) of the act on 12/11/2014. On the ground of the judicial consistency, the dispute resolution panel directed the learned assessing officer to delete

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)

68,113. The book profit was also enhanced by disallowance under section 14 A of the act. 15. Assessee preferred an objection before the learned dispute resolution panel, directions were passed under section 144C (5) of the act on 12/11/2014. On the ground of the judicial consistency, the dispute resolution panel directed the learned assessing officer to delete

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)

68,113. The book profit was also enhanced by disallowance under section 14 A of the act. 15. Assessee preferred an objection before the learned dispute resolution panel, directions were passed under section 144C (5) of the act on 12/11/2014. On the ground of the judicial consistency, the dispute resolution panel directed the learned assessing officer to delete

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)

68,113. The book profit was also enhanced by disallowance under section 14 A of the act. 15. Assessee preferred an objection before the learned dispute resolution panel, directions were passed under section 144C (5) of the act on 12/11/2014. On the ground of the judicial consistency, the dispute resolution panel directed the learned assessing officer to delete

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

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)

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 out actual

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)

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 out actual

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

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

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

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

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