{"id":13924,"date":"2020-11-21T15:17:44","date_gmt":"2020-11-21T15:17:44","guid":{"rendered":"https:\/\/itatonline.org\/digest\/essar-shipping-ltd-v-acit-2020-79-itr-555-mum-trib-2\/"},"modified":"2020-11-21T15:17:44","modified_gmt":"2020-11-21T15:17:44","slug":"essar-shipping-ltd-v-acit-2020-79-itr-555-mum-trib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/essar-shipping-ltd-v-acit-2020-79-itr-555-mum-trib-2\/","title":{"rendered":"Essar Shipping Ltd. v. ACIT (2020) 79 ITR 555 (Mum) (Trib)"},"content":{"rendered":"<p>Tribunal held that\u00a0 Intercorporate deposit to subsidiary is strategic purposes and not for earning dividend hence interest is allowable as deduction . Common interest expenditure to be apportioned on basis of cost of financing and not on basis of turn over.\u00a0 When the assessee is carrying on\u00a0 shipping business , tonnage income not form part of\u00a0 normal business Income . \u00a0( AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(iii) :Interest on borrowed capital \u2013 Intercorporate deposit to subsidiary \u2013 Strategic purposes and not for earning dividend \u2013 Interest is allowable as deduction \u2013 Common interest expenditure to be apportioned on basis of cost of financing and not on basis of turn over- Business income \u2013 Shipping business &#8211;  Tonnage income not form part of  normal business Income . [ S.37(1), 115VE ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13924","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3CA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13924"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13924\/revisions"}],"predecessor-version":[{"id":13925,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13924\/revisions\/13925"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}