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M/s. Ashima Syntex Ltd. Versus Assistant Commissioner of Income Tax

2016 (9) TMI 1187 - GUJARAT HIGH COURT

Expenditure on the issue of convertible debentures - nature of expenditure - revenue or capital expenditure - Held that:- In the present case, a part of the convertible debentures has been converted into equity shares, for which the assessee has incu .....

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got enduring benefits. Since capital can be raised by converting debentures into equity shares, we are of the view that expenditure incurred by the assessee on conversion of convertible debentures into equity shares would have to be treated as capita .....

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una M bhatt, Advocate for the Opponent JUDGMENT ( Per : Honourable Mr. Justice KS Jhaveri ) 1. This Tax Appeal under Section 260A of the Income-tax Act, 1961 is filed against the order dated 24.03.2006 passed by the Income Tax Appellate Tribunal, Ahm .....

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f convertible debentures is a capital expenditure? 2. Briefly stated, the facts are that the assessee offered to the public 17,33,000 convertible debentures for subscription at the rate of ₹ 75/per debenture. This was in two parts, viz. PartA o .....

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hare of the face value of ₹ 10 each at a premium of ₹ 30 per share on the expiry of 15 months from the date of allotment of the debenture. A sum of ₹ 77,26,999/was incurred by the assessee for issuing these debentures. It was set of .....

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peal before the CIT(A), which came to be partly allowed, vide order dated 23.02.1998. Being aggrieved by the order of CIT(A), the assessee filed second appeal before the Tribunal. However, the Tribunal dismissed the appeal vide order dated 24.03.2006 .....

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2.2014 wherein, it has been held that where the assessee has received enduring benefits from the conversion of convertible debentures into equity shares, the expenditure incurred by the assessee for such conversion of convertible debentures into equi .....

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