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Case Law Details

Case Name : ACIT Vs Hikal Ltd (ITAT Mumbai)
Related Assessment Year : 2011-12
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ACIT Vs Hikal Ltd (ITAT Mumbai)

ITAT Mumbai held that when company issues Foreign Currency Convertible Bonds (FCCB) they incurs a liability to pay a larger amount than what is borrowed and such liability to pay the additional amount is revenue expenditure.

Facts- The assessee company had issued Foreign Currency Convertible Bonds in F.Y. 2005-06. These bonds were convertible at the option of the bondholder on or after 01.11.2005 but prior to close of business on 10.10.2010

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