Dismissing the appeal of the revenue the Tribunal held that ; No disallowances can be made as there was no material to show that the business income of shipping division was offered on basis of tonnage tax scheme . ( AY. 2009 -10)
ACIT v. Chambal Fertilisers And Chemicals Limited. (2018) 61 ITR 33 (Jaipur) (Trib)
S. 35D : Amortisation of preliminary expenses – No disallowances can be made as there was no material to show that the business income of shipping division was offered on basis of tonnage tax scheme [ S. 37(1) ]