Case Law Details

Case Name : Dredging Corporation Of India Ltd Vs ACIT (ITAT Visakhapatnam)
Appeal Number : ITA Nos. 6 to 8/Vizag/2011
Date of Judgement/Order : 25/07/2011
Related Assessment Year : 2006- 07

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 towards late attendance, sale of tender documents, training fees, fees for the supply of information under the RTI Act, liquidated damages collected from various contractee parties as compensatory payment for the failure to execute contract works within the stipulated time are not entitled to the exemption.

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