proceeds of the said FCCB funds, an amount of
Rs.5142 crore was given to M/s. Reliance Info Investments
Ltd., (RIIL), which was invested ... FCCBs during the previous year
relevant to the assessment year under consideration. FCCB means a
bond expressed in foreign currency, the principal and interest
being pro-rata
premium on Foreign Currency Convertible Bonds (FCCB) is erroneous and
arbitrary. In the facts and circumstances of the case, the entire premium ... allowable as expenditure as FCCB's were issued for obtaining finance
for general business purposes of the entire appellant's business
being pro-rata
premium on Foreign Currency Convertible Bonds (FCCB) is erroneous and
arbitrary. In the facts and circumstances of the case, the entire premium ... allowable as expenditure as FCCB's were issued for obtaining finance
for general business purposes of the entire appellant's business
capitalized
capitalize on payment for
premium paid on foreign currency convertible bonds (FCCB). It was
submitted by the assessee that while redeeming the FCCB ... allowable expenditure. In the year under consideration, the
assessee redeemed FCCB and paid total premium of Rs.
1,12,05,07,097/- by grossing
also taken up issue of premium paid on redemption of FCCB
/Debentures of Rs.59.01 crores and observed that during the
year, the assessee ... claimed Rs.59.01 crores towards
premium of FCCB/Debentures. Out of this, Rs.33.53 crores
represents premium on debentures, which ought to have
like this. The assessee had two
series of foreign currency convertible bonds (FCCB) in financial year 2007-08. The
FCCBs so issued, amounting ... These FCCBs were
restructured in May 2009 and, accordingly, zero coupon FCCB amounting to USD $
9,40,04,000 were replaced with 7.50% interest bearing
under the scheme of issuance of FCCBs, as the identity of the
FCCB holder is generally not known to the Domestic Custodian Bank,
therefore ... grant of credit for taxes deducted at source on
interest received on FCCB's during the year under consideration. We,
therefore, restore the issue
Investment : (21,41,824)
in Caraco Pharmaceutical Laboratories Ltd.
2. Reinstatement of FCCB : 27,66,11,029
3. Reinstatement of FCCB proceeds ... Reinstatement of loan to other subsidiaries out : (3,71,91,342)
of FCCB Proceeds -----------------
24,01,43,981
=========
7.1. At the outset
Investment : (21,41,824)
in Caraco Pharmaceutical Laboratories Ltd.
2. Reinstatement of FCCB : 27,66,11,029
3. Reinstatement of FCCB proceeds ... Reinstatement of loan to other subsidiaries out : (3,71,91,342)
of FCCB Proceeds -----------------
24,01,43,981
=========
7.1. At the outset
Investment : (21,41,824)
in Caraco Pharmaceutical Laboratories Ltd.
2. Reinstatement of FCCB : 27,66,11,029
3. Reinstatement of FCCB proceeds ... Reinstatement of loan to other subsidiaries out : (3,71,91,342)
of FCCB Proceeds -----------------
24,01,43,981
=========
7.1. At the outset
