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Tax relief for India's shipberakers.
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- Abstract:
The article reports on a decision by the Supreme Court of India relating to a case involving a major Indian ship dismantler which indicates that the shipbreaking industry can seek deductions from gross total income of up to 20% of profits and gains under Sections 80-I and 80-HH of the Indian Income Tax Act of 1961. According to the ruling, shipbreaking is tantamount to a production process and not a recycling process.
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