Deduction not available when opted for Tonnage Tax Scheme: ITAT Hyderabad

All Cargo Gati Limited Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that as per the provisions of section 115VG of the Income Tax Act, once the assessee opts for the Tonnage Tax Scheme, the assessee cannot take the shield of taking the deduction of any other expenditure. Facts- The case of the assessee was selected for scrutiny and notice u/s 143(2) of the Act was issued and served on the assessee. Thereafter, notices u/s 143(2) and 142(1) of the Act were issued along with questionnaire. AO completed the assessment by making disallowance of Rs.65,04,518/- towards interest on FCCB, Rs.27,10,61,7...