Foreign Currency Convertible Bond expenses included as FCCB premium expense is allowable

Strides Arcolab Limited Vs DCIT (ITAT Mumbai)

ITAT Mumbai held that FCCB i.e. Foreign Currency Convertible Bond expenses included as part of FCCB premium expenses is allowable.

Facts- The assessee is engaged in the business of manufacturing pharmaceutical formulations. For the assessment year 2010-11, the assessee filed the return of income declaring a loss of Rs.203,83,86,890/-. The case was selected for scrutiny and statutory notices were duly served on the assessee. Since the assessee had internati

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