https://www.taxtmi.com/caselaws?id=756644 The ITAT Hyderabad ruled against the assessee's claim for deduction of pro-rata premium on Foreign Currency Convertible Bonds (FCCB) under the Tonnage Tax Scheme. The tribunal held that section 115VG(6) provides complete provisions, and once an assessee opts for the Tonnage Tax Scheme, they cannot claim deductions for other expenditures under different provisions of the Income Tax Act. The argument regarding availability of free funds was rejected as it lacked merit and wasn't presented before the CIT(A). However, the tribunal allowed depreciation on UPS at 60% rate for computers, following the precedent in Ushodaya case. en-us Mon, 01 Jul 2024 00:00:00 +0530 Tue, 06 Aug 2024 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756644 The ITAT Hyderabad ruled against the assessee's claim for deduction of pro-rata premium on Foreign Currency Convertible Bonds (FCCB) under the Tonnage Tax Scheme. The tribunal held that section 115VG(6) provides complete provisions, and once an assessee opts for the Tonnage Tax Scheme, they cannot claim deductions for other expenditures under different provisions of the Income Tax Act. The argument regarding availability of free funds was rejected as it lacked merit and wasn't presented before the CIT(A). However, the tribunal allowed depreciation on UPS at 60% rate for computers, following the precedent in Ushodaya case. Case-Laws Income Tax Mon, 01 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756644