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The assessees/appellants want 100% deduction, without taking into consideration depreciation which they want to utilise in the subsequent years. This would be anathema to the scheme under Section 80-IA of the Act which is linked to profits and if the contention of the assessees is accepted, it would allow them to inflate the profits linked incentives provided under Section 80-IA of the Act which cannot be permitted.
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For Deemed export supplies where recipient is availing the credit . In other cases the supplier has to file refund claim. The cess column is inserted in certain statements in refund claim
The Bengaluru ITAT, on Wednesday, confirmed the dis allowance of interest expenses claimed on advances received under sub-Lease agreement since there was a defect in the title of the assessee on the subject property.
