TMI Blog2023 (7) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - ITA No. 764/MUM/2023 - - - Dated:- 27-6-2023 - Shri Prashant Maharishi, AM And Shri Kuldip Singh, JM For the Assessee : None For the Revenue : Shri Kishor Dhule, DR ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.Y. 2018-19 on 31st October, 2018 at the total income of ₹ 75,02,850/-. 03. The central processing centre Bangalore passed an intimation under Section 143(1) of the Act on 9th March, 2020, wherein the total income of the assessee was determined at ₹134,87,73,250/-. The city) that the central processing Centre did not consider the taxability of the income of the assessee under the tonnage tax scheme. 04. Against this, assessee preferred the appeal before the learned CIT (A). Assessee was aggrieved where the income of the assessee was computed under the normal provisions disallowing depreciation allowance and disallowing expenses and thereafter, computed the income of the assessee as per normal computation mechanism. It wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned CIT (A) has categorically noted that assessee is a qualifying Tonnage tax company and its claim is also approved 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 under Section 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 learned Assessing Officer 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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