Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1916 - AT - Income TaxBenefit of tonnage tax - HELD THAT:- We find that in assessment year 2009-10 [2013 (9) TMI 1287 - ITAT CHENNAI] the ‘tribunal’ has decided the very issue in favour of the assessee. The Revenue submits as per ground since the ship was not operated by the assessee itself but by West Asia Maritime Limited, so, it cannot be taken as entitled for the aforesaid benefit of tonnage tax. This argument, in our view, does not merit acceptance. After going through the relevant provision, it nowhere comes out that in case of a jointly owned ship by two or more companies, the same has to be operated specifically by each of the co-owners/ assessee. Therefore, this ground also fails. Needless to say, in assessment year 2009-10 the issue has been decided in assessee’s favour. For the impugned assessment year as well, no justifiable ground is there to adopt a different view.
|