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2019 (2) TMI 652 - HC - Income TaxTonnage Tax Provisions to prior period income, reversal of prior period expenses, income from other sources, income from incidental activity and provisions to Sundry receipts of liquidate damages (Dry Dock) - profits on bar / shop sales and directors fees being eligible for benefit of tonnage tax provisions contending that the same do not arise out the assessee's core activity of operation of ships - Held that:- The disputed amount under the head "profits on bar / shop sales" is extremely small. We keep such question to be considered in the appropriate cases. With respect to the director's fees, the Tribunal by the impugned judgment has recorded that such fees would have been allowed as an expenditure and therefore, refund of the same should be treated as income directly relatable to the core activity. It would appear, therefore, that the refund of the director's fees would only give rise to the accounting adjustment against the expenditure for such fees that the assessee's would have claimed while computing its income eligible for tonnage tax provisions. No question of law in this context, therefore arises. The Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and the proceedings relating to the present appeal available, to be produced when sought for by the Court.
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