THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1),, VISAKHAPTNAM vs. DREDGING CORPORATION OF INDIA LIMITED , VISAKHAPTNAM

In the result, appeal and cross objections of the assessee as well as the appeal of the revenue are dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.211/Viz/2020 (निर्धारण वर्ा / Assessment Year : 2015-16) M/S Dredging Corporation Of India Ltd. Vs. Asst.Commissioner Of Dredge House, Hb Colony, Main Road Income Tax Seethammadhara, Visakhapatnam Circle-3(1) [Pan : Aaacd6021B] Visakhapatnam आयकर अपील सं./I.T.A.No.54/Viz/2021 (निर्धारण वर्ा / Assessment Year : 2015-16) Dy.Commissioner Of Vs. M/S Dredging Corporation Of Income Tax India Ltd. Circle-3(1) Dredge House, Hb Colony, Visakhapatnam Main Road, Seethammadhara Visakhapatnam [Pan : Aaacd6021B] Cross Objection No.48/Viz/2021 (Arising Out Of I.T.A No.54/Viz/2021) M/S Dredging Corporation Of India Ltd. Vs. Dy.Commissioner Of Dredge House, Hb Colony, Main Road Income Tax Seethammadhara Circle-3(1) Visakhapatnam Visakhapatnam [Pan : Aaacd6021B] निर्धारितऩ की ओर से/ Assessee By : Shri G.V.N.Hari, Ar िधजस्व की ओर से / Revenue By : Shri M.N.Murthy Naik, Cit(Dr) सुिवधई की तधरीख / Date Of Hearing 18.07.2022 : घोर्णध की तधरीख/Date Of Pronouncement : 09.09.2022

section 28 to 43C of I.T. Act and the deduction required to be allowed u/s 80IA of I.T. Act from the business income. Whereas in the case of tonnage tax as provided u/s 115VI, the income required to be computed as per Chapter XIIG of I.T. Act at the option of the assessee. Once, the assessee opts tonnage tax scheme