Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 142 - ANDHRA PRADESH HIGH COURTForeign exchange Fluctuation – Held that:- Following Dredging Corporation of India Ltd [2011 (7) TMI 584 - ITAT VISAKHAPATNAM] - The gain on account of foreign exchange fluctuation, is related to the activity of operating qualifying ships - It has to be taxed under the Tonnage Tax Scheme as provided under Chapter XIIG of the Act – Decided in favour of assessee. Gratuity – Held that:- The amount paid towards gratuity is deductible u/s 43B - The Assessing Officer was directed to verify the bank account, and examine the matter in the light of such other evidence – Partly allowed in favour of assessee. Expenses on issue of FCCB – Held that:- The Assessing Officer was directed to examine the issue of allowability or otherwise of the expenses incurred by the assessee in connection with the issue of FCCBs - Partly allowed in favour of assessee.
|