Receipts from activities not having direct nexus with shipping/dredging activities not exempt under tonnage tax scheme

Dredging Corporation Of India Ltd Vs ACIT (ITAT Visakhapatnam)- Tonnage income from the business of operating qualifying ships — Receipts emanating from the activities, which do not have a direct and necessary nexus with the shipping/ dredging activities of the assessee-company, cannot be exempted under the tonnage tax scheme. Thus, the income received by the assessee on the sale of scraps and assets, and gains realised on foreign exchange fluctuation, are entitled to the exemption, whereas the recovery of rent for leased quarters, interest on housing loans and other advances, recovery towa...