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2011 (5) TMI 250 - AT - Income TaxRevision u/s 263 - Once it has been provided in statute by the Parliament that the Joint Commissioner of Income-tax shall approve the option for Tonnage Tax Scheme after satisfying himself about the eligibility of the company for the said scheme and in pursuance to which the competent authority has granted the approval then it cannot be held that such approval was granted by making only a preliminary enquiry without satisfying as was the competent authority duty bound to do, without any relevant material - Held that: CIT(A) has brought no material on record after going through the agreement dated 25-9-2001 referred in show cause notice that the assessee company has chartered out on bare boat charter cum demise terms or on bare boat charter terms for a period exceeding 3 years to any other person - it is admitted position that the issue under consideration is a debatable issue or an issue in respect of which more than one view is possible - Appeal is allowed
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