No Deduction for Interest Paid on FCCD under Tonnage Tax Scheme: ITAT [Read Order]

The claim for deduction was deemed invalid under the tonnage tax scheme.
By Aiswarya Krishnadas - On August 2, 2024 1:09 pm - 2 mins read
ITAT - Tax Scheme - FCCD - Deduction - Foreign Currency Convertible Debentures - taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled against the deduction of interest paid on Foreign Currency Convertible Debentures (FCCD) under the Tonnage Tax Scheme, deeming the claim for deduction invalid. The assessee, All Cargo Gati Limited’s eligibility for deductions under the Tonnage Tax Scheme, as outlined in Section 115VG(6) of…

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