Owning of ships/barges is not a condition for availing benefits of section 33AC of IT Act, 1961
The ships include barges; the ships/barges owned by the third party when operated in the assessee’s business, the assessee is entitled to the deduction under section 33AC.
ITAT, ‘C’ BENCH MUMBAI
DCIT
v.
Orion Agencies Ltd.
ITA NO. 1533/Mum/2007
June 26, 2009
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