COMMISSIONER OF INCOME-TAX versus MESSRS ELLERMEN LINE LTD.
Section 40 may set aside the Income Tax Appellate Tribunal Assessment Order and will instruct the Income Tax Officer to follow the R-40 procedure as it did in the past, following the Tribunal's direction, rather than the Income Tax Officer. As a value reduction in relation to the ships, they will exclude any amounts claimed by the Assisi who were chartered and did not own it.
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