Adjustment of deferred shares based on value of ordinary shares upheld

Fabindia Overseas Pvt Ltd Vs JCIT (ITAT Delhi) ITAT Delhi held that adjustment relating to deferred shares considering their value to be equivalent to the value of equity shares upheld as deferred shares can be converted into ordinary shares without any encumbrances. Facts- In Annexure 3 of Form 3CB, the assessee has reported that it had redeemed investment in deferred shares of EAST Ltd., united Kingdom in GBP 1376235 and applied other method to benchmark the said transaction at Arm’s Length Price. TPO held that though in Form 3CB the assessee has reported that it has applied other meth...