The Tribunal held that the vessels were consistently registered under Merchant Shipping Act, 1958 and had a valid certificate. Hence, there was no infirmity in the order of the CIT (A) in deleting the disallowance made by the Assessing Officer disallowing the claim of exemption under tonnage tax system. (AY.2012-13 to 2014-15)
Dy. CIT v. Jagson International Ltd. (2022) 97 ITR 176 (Delhi) (Trib)
S. 115VD : Shipping business-Qualifying ship-Exemption-Tonnage Tax-Ship not offshore Installation-CIT (A) justified in allowing exemption.