It was held that the issue of excluding the amount of reimbursement of overhead expenses for managed vessels, and excess provision written back was raised in the case of the assessee for the first time in the AYs 2005-06 and 2006-07 before the Tribunal, which directed the Assessing Officer to include the income from excess provision written back in the turnover of the core activity of shipping and restored the matter regarding reimbursement for managed vessels for decision afresh after verifying the details. Thus the Assessing Officer was to include the amount of excess provision written back for the purpose of the turnover of the core activity and decide the issue of inclusion of reimbursement from managed vessels for the purpose of the turnover of core activity after verifying the claim of the assessee. It was further held that the issue of disallowance of deduction of administrative expenses against the income from other sources has been held against the assessee for AYs 2005-06 and 2006-07 on the ground that the income could not be said to have earned by the assessee by carrying on any separate business activity other than the tonnage tax business as envisaged in section 115VJ of the Act. The disallowance called for no interference. (AY.  2014-15)