this regard is made to the summary of
terms and conditions of FCCB, which are at vases 1 to
29 of the paper book ... view to allow Indian companies to buy
hack FCCBs. allowed buyback of FCCB both under
"automatic route'' and "approval route
2014
ITANo.1378 & 2288/Del/2017
Assessing Officer on utilization of FCCB proceeds towards
depreciable assets.
4) That on the facts and circumstances ... being the depreciation
allowed by the Assessing Officer on utilization of FCCB
proceeds towards depreciable assets by the CIT(A). The
additional ground relates
being expenses incurred on issue of foreign currency
convertible bonds ('FCCB') holding the same to be capital in nature.
10. That the assessing ... pertaining to
amortisation of premium payable at the time of redemption of FCCB, holding
the same to be unascertained and contingent in nature
representing discount on buy back on Foreign Currency
Convertible Bonds ("FCCB")
2
ITA No.3402/Del./2016
1.1 That the learned Assessing Officer ... failed to appreciate that the loan raised
by way of FCCB was for capital purposes and therefore any discount on buy
back is capital receipt
account
of alleged gain on buyback of FCCB and that too by
treating it as revenue receipt and that too by recording
incorrect facts ... account
of alleged gain on buyback of FCCB and that too by
treating it as revenue receipt and that too by recording
incorrect facts
towards capital assets purchased by raising funds through foreign
currency convertible Bonds (FCCB) by holding the exchange fluctuation
gain to be revenue in nature without ... expenditure
on expansion The gain of Ks.16968381/- on exchange fluctuation
of FCCB (Dollars) has been capital/zed, i.e., adjusted to the
carrying cost
Foreign Currency Convertible
5
M/s Spice Jet Ltd.
Bonds (FCCB). The Assessing Officer noticed that these have been
treated as long term foreign currency ... again asked to explain the nature of expenditure made under
ECB and FCCB and why they should be allowed as an expenditure on
Revenue account
respect of External
Commercial Borrowings (ECB) and Foreign Currency
Convertible Bonds (FCCB). The Assessing Officer noticed that
these have been treated as long term foreign ... again asked to explain the
nature of expenditure made under ECB and FCCB and why
they should be allowed as an expenditure on Revenue account
part of this order. Such services commenced prior to the
bringing out FCCB issue; and continued during the period when the issue
was open ... hold that the amount of 'Management commission' in respect
of FCCB issue amounting to Rs.1.62 crores and the 'Selling commission
Hero Motocorp Ltd (As Successor Of Hero ... vs Dcit, Circle 11(1), New Delhi on
