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TMI Blog2019 (2) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... tted for consideration of following substantial questions of law:- "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in upholding the deletion of addition of Rs. 14,23,075/- being sundry credit balance written back and Rs. 95,78,424/- being excess provisions written back, which was assessed income by the Assessing Officer, by holding that Tonnage T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holding the profits on Bar / shop sales of Rs. 4,82,654/- and Directors fees of Rs. 12,03,547/- holding it as relatable to core activity of the operation of qualified ships ignoring the fact that the receipts are ancillary profits beyond the first degree nexus and therefore, not entitled for being considered as the profits from the business of operation of ships, hence, not eligible for the benefi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iture and therefore, refund of the same should be treated as income directly relatable to the core activity. It would appear, therefore, that the refund of the director's fees would only give rise to the accounting adjustment against the expenditure for such fees that the assessee's would have claimed while computing its income eligible for tonnage tax provisions. No question of law in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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