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TMI Blog2014 (1) TMI 1916X X X X Extracts X X X X X X X X Extracts X X X X ..... 2/13/A.I, in proceedings under section 143(3) of the Income-tax Act, 1961 (in short the 'Act'). For assessment year 2007-08 the proceedings are u/s 143(3) r.w.s 147 of the Act. 2. The following common grounds have been raised in all cases: "2.1. The CIT(A) erred in holding that the assessee company is eligible for tonnage tax claim. 2.2. The CIT(A) failed to appreciate that to be eligible for Tonnage Tax Scheme, the assessee has to not only obtain the approval of AddI.CIT, but also fulfill the stipulations laid down under Chapter XIIG of the IT Act. 2.3 The CIT(A) ought to have appreciated that mere obtaining approval u/s.115VP would not preclude the Assessing Officer from examining whether the other conditions laid down under Chapte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised in the appeals reveals that the identical issue involved in all cases is as to whether the CIT(A) has rightly held the assessee eligible for the tonnage tax scheme benefits or not. In these circumstances, we take up I.T.A.No. 2145/Mds/2013 as the 'lead' case. 6. The assessee, a 'company', is in the business of financing, leasing, rental, investments and shipping business. For the impugned assessment year, it had filed its return on 27.10.2006 declaring total income of Rs. 30,07,372/- after excluding income from shipping business and at Rs. 5,72,904/- u/s 115VG of the Act by claiming benefit of the tonnage tax scheme. The same was 'summarily' processed. 7. In the course of 'scrutiny', the Assessing Officer noticed that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on the decision of the Third Member, ITAT, Chennai, in ITA No. 1195/Mds/2010 dated '17th June 2011 in the case of M/s. West Asia Maritime Ltd, for the assessment year 2006- 07 holding that: ''30. On the facts and circumstances of the case, I agree with the view of the learned Accountant member to hold that the ship operated by the assessee "M. V. Gem of Ennore" transporting thermal coal from one location to another location within the country, is a qualifying ship under sec. 115VD of the Income Tax Act, 1961 and the assessee is entitled for the benefit of tonnage tax scheme provided under Chapter XII-C of the Income Tax Act, 1961". . In the said co-owner's case it was held that (i) the appellant is held to be the own ..... X X X X Extracts X X X X X X X X Extracts X X X X
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