Search Results Page
Search Results
1 - 2 of 2 (0.27 seconds)Galleon Shipping Limited,Mumbai vs Income Tax Officer 5 (1) (1), Aayakar ... on 16 March, 2026
8. We further note that the assessee itself in its submission before
the Assessing Officer dated 10.12.2019 had stated that interest income
of ₹65,701/- relates to fixed deposits which were not kept against any
overdraft facility and that the same may be taxed under the head
Income from Other Sources. However, the Assessing Officer has not
3
ITA No.4659/M/2025
Galleon Shipping Limited
examined the said submission while completing the assessment. The
tribunal in the case of Pratibha Shipping Co. Ltd. (supra) holds that
where the fixed deposits are not connected with the shipping activity,
the interest income cannot be treated as shipping income under the
tonnage tax scheme.
1