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2017 (3) TMI 1941 - AT - Income TaxBenefit of tonnage tax scheme provided under Chapter XII C of the Act - CIT(A) held that the assessee is eligible for tonnage tax scheme, thus further disallowance u/s 14A cannot be made - CIT(A) further deleting the addition of 14A for the purpose of 115JB disallowances holding that section 14A is not acceptable to shipping companies - As contended by the ld. DR that against the order of the Tribunal for the assessment year 2006-07, as has been followed in the assessment year 2008-09, the Department has filed an appeal before the Hon’ble Madras HELD THAT:- As respectfully following the decision of the Coordinate Benches of the Tribunal in assessment year 2008-09 2015 (3) TMI 226 - ITAT CHENNA], we sustain the order of the ld. CIT(A), who has passed a well reasoned order by holding that the assessee is entitled for the benefit of tonnage tax scheme provided under Chapter XII C of the Act. Disallowance under section 14A read with Rule 8D as well as inclusion of the said disallowance to 115JB of the Act, the ld. CIT(A) followed the decision of the Tribunal for earlier assessment years, wherein, the decision of Mumbai Benches of the Tribunal in the case of Varun Shipping Corporation Ltd. v. ACIT [2011 (11) TMI 370 - ITAT MUMBAI] has been followed. Under the above facts and circumstances, we find no reason to interfere with the orders of the ld. CIT(A) and all the three grounds raised in the all the appeals of the Revenue are dismissed.
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