Interest on VAT Allowed For Deduction?

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Santhosh Poojary

Santhosh Poojary (Querist)
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15 September 2010 Hi All,

Please Confirm me Whether Interest on Vat is Allowed For Deduction?

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Aditya Maheshwari

Aditya Maheshwari (Expert)
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15 September 2010 Interest paid on sales tax arrears is deductible - Interest paid by the assessee to the Sales-tax Department on arrears of sales tax is an admissible deduction under section 37(1) - Lachmandas Mathuradas v. CIT [2002] 254 ITR 799/122 Taxman 828(SC)/CIT v. Western India State Motors [1987] 167 ITR 395 (Raj.)/CIT v. Western Indian State Motors [1988] 174 ITR 116 (Raj.).

Santhosh Poojary

Santhosh Poojary (Querist)
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18 September 2010 Thank You sir...

Santhosh Poojary

Santhosh Poojary (Querist)
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18 September 2010 Hi All,

One of My Friend Having Following Query Regarding Section 80IB

Please Suggest The Solution…

Dear Everyone

we have windmill which is given on contract basis on generation of electricity there is condition applied they will guaratee specific payment to us.

For eg:If we have the contract of Rs. 2 crores of generation of electricity and they were able to generate only Rs. 50 lacs then the difference of above amt(i.e.Rs.1.5Crore) they give as short power generation claim.

Question:

(1)Whether generation of electricity we can claim u/s.80IB?

(2)Whether the short power generation also can be claimed u/s.80IB?

Plz provide Case study reference if possible.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 September 2010 I do not know the answer to the above. Please post a new query for the same to get answer from other experts.

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Santhosh Poojary

Santhosh Poojary (Querist)
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20 September 2010 OKY SIR THANKS...

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