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2023 (7) TMI 14 - ITAT MUMBAIDisallowance of depreciation and various expenditure - assessee is a qualifying Tonnage tax company - applicability of provisions of Section 28 to 43C are not applicable while computing the Tonnage tax income - CIT-A deleted the addition - HELD THAT:- As per order dated 30th May, 2014. To the Tonnage tax company, special provision are applicable and the profits are computed from operating qualifying ships on the Tonnage income of the assessee u/s 115VP of the Act. The provisions of Section 28 to 43C of the Act are not applicable while computing the Tonnage tax income. The claim of the depreciation is also not separately allowed. It is not the case of the AO that the certificate for Tonnage tax scheme originally granted to the assessee on 17th February, 2005 and subsequently, renewed on 30th May, 2014 is not applicable to the assessee. In view of the above facts, the disallowance made by the CPC of depreciation and various expenditure are correctly deleted. No infirmity in the order of the CIT (A) in deleting the disallowance of expenditure as well as the depreciation made by CPC. We confirm the order of the CIT (A) - Decided against revenue.
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