The Commissioner of Income-tax-II, Chennai v. East Coast Terminal Operation and Port Services Ltd
[Citation -2020-LL-0309-49]
| Citation | 2020-LL-0309-49 |
|---|---|
| Appellant Name | The Commissioner of Income-tax-II, Chennai |
| Respondent Name | East Coast Terminal Operation and Port Services Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 09/03/2020 |
| Judgment | View Judgment |
| Keyword Tags | tonnage tax scheme • foreign currency • monetary limit • tax effect |
| Bot Summary: | 66 of 2016 1.Whether on the facts and circumstances of the case, the Tribunal was right in holding that the assessee ship enjoying the benefit of Tonnage tax scheme on the issue regarding the ownership especially when the major shareholders of the assessee company held 99.99 of the shareholding who were based in Dubai 2.Whether on the facts and circumstances of the case, the Tribunal was right in holding that the tonnage tax scheme was to be granted to the assessee company eventhough the provisions of Sec.115VD and Sec.115VC were not satisfied by the assessee company 3. Whether on the facts and circumstances of the case, the Tribunal was right in holding that the disallowance made u/s.14A Rule 8D could not be made in cases where the assessee is entitled to tonnage tax scheme 4. In Order in TCA Nos.66 69 /2016 dated 09.03.2020 ownership especially when the major shareholders of the assessee company held 99.99 of the shareholding who were based in Dubai 2.Whether on the facts and circumstances of the case, the Tribunal was right in holding that the tonnage tax scheme was to be granted to the assessee company eventhough the provisions of Sec.115VD and Sec.115VC were not satisfied by the assessee company 3. Whether on the facts and circumstances of the case, the Tribunal was right in holding that the provision for restatement of assets as at the end of the year due to fluctuation in foreign currency amounting to Rs.9.93 Crores cannot be disallowed in view of the fact that the assessee was entitled to the benefit of tonnage tax scheme without adjudicating the issue on merits 4. Whether on the facts and circumstances of the case, the Tribunal was right in holding that the disallowance made u/s.14A r/w Rule 8D could not be made in cases where the assessee is entitled to tonnage tax scheme 5. In Order in TCA Nos.66 69 /2016 dated 09.03.2020 stipulated that appeals shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.1,00,00,000/-. In the instant cases, the tax effect is said to be less than the monetary limit imposed and therefore, the appeals filed by the Revenue are dismissed as not pressed, keeping open the substantial questions of law for determination in an appropriate case. |