https://www.taxtmi.com/highlights?id=80198 Disallowance of pro-rata premium on Foreign Currency Convertible Bonds (FCCB) claimed as expenditure by assessee under Tonnage Tax Scheme. Law prohibits deduction of any expenditure against Tonnage income once specified provisions accepted. Assessee's argument of availability of free funds rejected as not raised before lower authority. Depreciation on UPS allowed at 60% rate as per Ushodaya case, overruling 15% rate. ITAT refers to Appellate Tribunal. en-us Wed, 07 Aug 2024 06:44:13 +0530 Wed, 07 Aug 2024 06:44:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80198 Disallowance of pro-rata premium on Foreign Currency Convertible Bonds (FCCB) claimed as expenditure by assessee under Tonnage Tax Scheme. Law prohibits deduction of any expenditure against Tonnage income once specified provisions accepted. Assessee's argument of availability of free funds rejected as not raised before lower authority. Depreciation on UPS allowed at 60% rate as per Ushodaya case, overruling 15% rate. ITAT refers to Appellate Tribunal. Highlights Income Tax Wed, 07 Aug 2024 06:44:13 +0530 https://www.taxtmi.com/highlights?id=80198