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CCD cannot be treated as ECB/loan for ALP determination
Case Law Details
- Case Name
- Praxair India Private Limited Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-2012
- Courts
- All ITAT, ITAT Bangalore
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Praxair India Private Limited Vs DCIT (ITAT Bangalore)
The assessee during the financial year 2009-2010, entered into a debenture subscription agreement with its AEs, Praxair International Finance. In the agreement, the term ‘issue price’ is defined as ‘Compulsory Convertible Debentures (CCDs)’ will be issued at par at Rs.10 each. Further, the subscription considered shall be converted into INR as per the prescribed exchange rate and the number of CCDs allotted to the holders will be the subscription consideration as converted into INR, divided by face value of the CCD ...
