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AO not justified in re-characterising the transaction of issue of debentures/CCDs as that of equity shares
Case Law Details
- Case Name
- City Corporation Limited Vs DCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
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City Corporation Limited Vs DCIT (ITAT Pune)
With regard to first issue pertaining to TP adjustment in respect of interest payment on debentures, the TPO has discussed this issue from Para 6 onwards and has given his findings at Para 16 of his order. During transfer pricing proceedings, the TPO while going through the assessee’s Form 3CEB and transfer pricing report observed that it has not done the benchmarking of the payment of interest on debentures/compulsory Convertible debentures (CCDs) properly. The TPO observed that the assessee had issued Compulsory Convertible Debentures to its...
