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2012 (12) TMI 188 - AT - Income TaxShipping company - denial of benefit of presumptive taxation prescribed under Chapter XII-G in respect of ships chartered in by it under “slot charter” arrangement, for want of “valid certificate” defined in S115VX - Held that:- Section 115VA overrides the provisions of computation of business income prescribed in sec. 28 to 43C and the income computed as per Chapter XII-G on presumptive basis shall be deemed to be the profits and gains of the business of operating qualifying ships. It is noteworthy that benefit of Chapter XII-G is available to the tonnage tax company only in respect of the income from the business of operating qualifying ships and it is necessary to show that the ships chartered in under “Slot Charter” arrangement are also “Qualifying ships” by producing the “Valid certificate”? In view of aforesaid, it is held that CIT(A) was right in law in denying the benefit of presumptive taxation for want of valid certificate – Decided against assessee
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