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Slot Charter Operation will be Included in Deemed Tonnage even if ship is not qualifying ship
Case Law Details
- Case Name
- Trans Asian Shipping Services Private Limited Vs Commissioner of Income Tax (Kerala High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Kerala High Court
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Shivali Bardoliya
Brief of the Case:
It was held in the case of the income derived from slot charter operations of a tonnage tax company is not liable to be excluded while determining the tonnage income under the tonnage tax scheme on the ground that such operations are carried on in ships which are not qualifying ships in terms of the provisions of Chapter XII G of the Act.
Facts of the Case:
The assessee is a “qualifying company” in terms of Section 111VC of the Income Tax Act an that it owns at least one “Qualifying Ship” as defined in Section 115VD is not in dispute. The assessee...
