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2011 (3) TMI 965 - AT - Income TaxPenalty u/s 271(1)(c) - Deduction u/s 33AC - The main object of the company is operations of shipping - How the main activity of the assessee is not operation of shipping is not explained either by the AO or by the CIT(A) - Both the authorities have just stated that the receipts on account of operations of ships are less and other receipts are more - However, the nature of the other receipts has not taken into consideration, which are only on account of operation of ships as no other activity has been done by the assessee except operation of ships - Held that: the Tribunal have held that it is not necessary to own a ship but what is necessary that operation of shipping - There is no dispute that the assessee is doing activities of operations of ships either on account of its own vessel namely 'Ganga Dolphin' or on account of contract entered with ONGC on account of operations and maintenance - Even the assessee is entitled for deduction u/s 33AC on account of receipts earned out of contract between the assessee and ONGC. However, the assessee claimed deduction u/s 33AC only on account of the receipts of vessels owned by it - Decided in favour of assessee.
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