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2022 (5) TMI 836 - AT - Income TaxAssessment under Tonnage Tax Scheme - Excess provision written back and allowed - excluding receipts comprising of overheads for managed vessel and excess provision written back while calculating total turnover from core activities - HELD THAT:- The issue-in-dispute before us, being identical to issue in AY 2005-06 & 2006-07, respectfully following the finding of the Tribunal (supra), the Assessing Officer is directed to include the amount of excess provision written back for the purpose of the turnover of the core activity and the issue of inclusion of reimbursement from managed vessels for the purpose of the turnover of core activity is restored back to the file of the Assessing Officer for verifying the claim of the assessee and decide in view of the Tribunal for AY 2005-06 & 2006-07[2015 (3) TMI 751 - ITAT MUMBAI] - The ground No. 1 of the appeal is accordingly allowed to the extent of excess provision written back and allowed for statistical purpose in respect of reimbursement of overhead expenses for managed vessels. Disallowance of deduction of administrative expenses against the income from other sources - HELD THAT:- We find that identical issue of disallowance of administrative expenses against interest income under the head ‘income from other sources’ has been held against the assessee in [2015 (3) TMI 751 - ITAT MUMBAI]. Granting credit u/s 115JAA for the taxes paid in earlier years - HELD THAT:- Before us, the parties agreed that payment of the taxes and allowing of credit thereon is matter for verification by the Assessing Officer and therefore, accordingly the issue is retored back to the file of the Assessing Officer for verification and if the assessee is eligible for credit of taxes in year under consideration for the taxes paid under MAT in earlier years, the claim of the assessee shall be considered in accordance with law. The ground No. 3 is accordingly allowed for statistical purposes.
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