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2014 (7) TMI 175 - HC - Income TaxExpenses incurred on issuance of FCCBs – Held that:- The Tribunal was of the view that the expenditure incurred by the assessee on issue of the bonds was claimed to be deductible being revenue in nature and that was allowed after due verification/examination - the CIT could not have concluded on same material that the FCCBs, in real sense, were equity shares right from the beginning and that the conversion of bonds was only a routine technical compliance as per the Regulations and guidelines - the material does not indicate that conversion is automatic and that unless the option is exercised conversion or the consideration was not permissible - a possible view taken by the AO should not have been termed as prejudicial to the interest of the revenue – thus, no substantial question of law arises for consideration – Decided against Revenue.
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