Home Highlights February 2016 Year 2016 This

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1. Loss on the sale of debentures - non-convertible Part B of the 15% redeemable partly convertible debentures - the loss suffered could not be construed to be a part of...

2. Notional accrued interest on optionally fully convertible premium notes (OFCPNs) - it cannot be said that any income has accrued to he assessee on account of these...

3. Optionally Fully Convertible Debentures (OFCDs), whether a security or a loan & deposit – when the OFCDs do not fall under and cannot be equated with receipt of 'loan'...

4. Conversion of partly up equity shares into fully paid-up equity shares - the board of directors are well within the powers to make a call on the shareholders in respect...

5. Initiation of CIRP - NCLT admitted the application filed u/s 7 - status / locus of Debenture Trustee - assignment of debt - After looking into the different clauses of...

6. Private placement of securities - Allotment of Unsecured Fully Convertible Debentures (FCDs) in excess of 500 members - section 71(5) - However the restriction of 500...

7. Allowability of Interest expenses @21.3% - unsecured redeemable cumulative non-convertible debentures - AO has compared the rate of interest paid on unsecured redeemable...

8. Exemption u/s 10(23FB) -Venture Capital Fund [VCF] - investments in Convertible Debenture application money - violation of SEBI (Venture Capital Fund) Regulations -...

9. TP Adjustment - Disallowance of claim of proportionate premium paid arising on account of repayment of optionally convertible debentures - the commercial arrangement...

10. TP adjustment - Recharacterising the compulsorily convertible debentures (`CCDs') as equity shares - till the date of conversion, for allowability of interest u/s 36 (1)...

11. Disallowance of premium payable on redemption of debentures - addition on account of claim of premium on non-convertible debentures on proportionate basis - the moment...

12. Loss in respect of renunciation of rights to subscribe to partly convertible debentures (hereafter ‘PCD’) - the income received by the Assessee from sale of shares of...

13. FDI – e-Biz platform - GOI has enabled online filing of the Foreign Currency Transfer of Shares (FCTRS) returns for reporting transfer of shares, convertible debentures,...

14. The expenditure incurred by the assessee on conversion of convertible debentures into equity shares would have to be treated as capital expenditure - HC

15. Revenue v/s capital expenditure - , the expenditure incurred by the assessee on conversion of convertible debentures into equity shares has to be treated as capital...