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.).
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?
CAclubindia
