Vijay Ship Breaking Corpn & Ors v CIT (SC) -- Shipbreaking entitled to Deductions under Sections 80-HH & 80-I; Usance Interest NOT Subject to TDS under Section 195

By a judgment delivered on October 1,  2008,  in  Vijay Ship Breaking Corpn and Ors v CIT,  the Supreme Court of India has held as follows :

(1)   Profits derived from Shipbreaking are eligible for deductions under Sections 80-HH and 80-I of the Income-tax Act,  1961 ("Act").

(2)   Usance Interest paid to a non-resident is  NOT  subject to deduction therefrom of income-tax at source ("TDS") under Section 195 of the Act.