Section 44B Income Tax Act | Cruise Voyages Remain a Shipping Business Despite Providing Entertainment and Hospitality Services: Supreme Court

The Supreme Court has delivered a landmark judgment clarifying the classification of cruise ship operations under Section 44B of the Income Tax Act. The court held that a foreign cruise ship operator offering hospitality and entertainment services during voyages still qualifies as a shipping business under this section. As a result, the taxable income of such entities would be calculated on a presumptive basis at 7.5% of the specified receipts,…