appellant company had raised money from
investors through FCCB (Foreign Currency Convertible Bond) for company's
business.
(iii) This FCCB instrument had provided ... option to the investors to convert the amount
covered by FCCB into equity shares of the company at a fixed price or alternately retain
FCCB
confirming premium of
Rs. 1,75,72,704/--payable on redemption of FCCB
Bonds wrongly holding the same to the in the nature of
capital ... redemption of Foreign Currency
Convertible Bonds(in short referred to as 'FCCB')
amounting to Rs.1,75,72,704/-.
6. Brief facts relating
disallowance of depreciation by holding that the profit arising on buyback of
FCCB, being in the nature of capital receipt, was required to be reduced ... assessment order, that the
profit on buyback of FCCB is in the nature of a capital receipt, though he
disputed the accounting treatment adopted
disallowance of depreciation by holding that the profit arising on buyback of
FCCB, being in the nature of capital receipt, was required to be reduced ... assessment order, that the
profit on buyback of FCCB is in the nature of a capital receipt, though he
disputed the accounting treatment adopted
disallowance of depreciation by holding that the profit arising on buyback of
FCCB, being in the nature of capital receipt, was required to be reduced ... assessment order, that the
profit on buyback of FCCB is in the nature of a capital receipt, though he
disputed the accounting treatment adopted
disallowance of premium payable on redemption of
Foreign Currency Convertible Bonds (FCCB) by treating the same as
capital expenditure.
4. At the outset ... 2015, 483/2016 and 518/2016 dated
14.3.2019 holding the premium on FCCB bonds to be
revenue in nature. Reliance was also placed
amount for providing premium on redemption of 2%
Foreign Currency Convertible Bond (FCCB). The assessee
made submissions before the CIT (Appeals) challenging the
validity ... with regard to FCCB and 36(1)(iii)
of the Act only. On the legality of section 263 of the Act,
it was argued that
10350 Lacs paid on
redemption of Foreign Currency Convertible Bonds (FCCB} is
capital expenditure and not revenue expenditure as claimed by
the assessee ... assessee only in the year when the
actual redemption of FCCB's will take place".
6. Without pre-judice to ground
10350 Lacs paid on
redemption of Foreign Currency Convertible Bonds (FCCB} is
capital expenditure and not revenue expenditure as claimed by
the assessee ... assessee only in the year when the
actual redemption of FCCB's will take place".
6. Without pre-judice to ground
account of repurchase of
Foreign Currency Convertible Bonds (FCCB). The assessee challenged
the assessment order before the Ld. CIT(A). The Ld. CIT(A) after ... allocate the amount of difference of discount on buying back of
FCCB and reducing a sum of Rs. 41.83 crore from the cost of assets
