Vijay Ship Breaking Corpn. & Ors. v. CIT
INCOME TAX ACT 1961
Deduction under section 80HH - Profit and gaing derived from industrial undertakings -Ship breaking activity
Held : Ship breaking activity results in production of a distinct and different article therefore, assessee doing said activity would be entitled to deduction under sections 80HH and 80-I.
Income tax act 1961 section 80HH and 80-I
Decision : In favour of assessee.
A.Y : 1995-96
Case law analysis :CIT v. Vijay Ship Breaking Corpn. [2003] 129 Taxman 120 (Guj.), reversed
INCOME TAX ACT 1961
Exemption under section 10(15) - Allowability -usance interest
Held : Usance interest was exempt from payment of income-tax if paid in respect of ship breaking activity.
Income tax act 1961 section 10(15)
Decision : In favour of assessee.
A.Y: 1995-96