Case Laws
Acts
Notifications
Circulars
Classification
Forms
Manuals
Articles
News
D. Forum
Highlights
Notes
🚨 Important Update for Our Users
We are transitioning to our new and improved portal - www.taxtmi.com - for a better experience.
⚠️ This portal will be fully migrated on 31-July-2025 at 23:59:59
After this date, all services will be available exclusively on our new platform.
If you encounter any issues or problems while using the new portal,
please let us know
via our feedback form
, with specific details, so we can address them promptly.
Home
2002 (9) TMI 68 - HC - Income TaxNon-resident - Shipping Business - Whether on the facts and in the circumstances of the case the Appellate Tribunal was right in law in holding that demurrage charges received by the assessee are not includible in the assessee s total income and accordingly in allowing the appeal filed by the assessee? Section 44B which is a special provision for computing profits and gains of shipping business in the case of non-residents under the Explanation that was added by the Finance Act 1997 expressly provides that demurrage charges or handling charges or any other amount of similar nature shall be regarded as the part of the amount paid or payable to the person engaged in the business of operation of ships on account of the carriage of passengers livestock mail or goods shipped at any port in India. In this case as the amount of demurrage was admittedly received in India the amended provision is clearly applicable. The question is therefore answered against the assessee and in favour of the Revenue.
|