HC: Capital gain on conversion of FCCBs into shares would be determined by adopting conversion price prevailing at BSE or NSE on date of conversion

Director Of Income-Tax International Taxation Vs Intel Capital (Cayman) Corporation (Karnataka High Court) HC: Capital gain on conversion of FCCBs into shares would be determined by adopting conversion price prevailing at BSE or NSE on date of conversion Conclusion: AO was not justified in computing capital gains by adopting the cost of acquisition at Rs. 873.83 and 858.08 per share as bonds issued to assessee were issued under the Foreign Currency  Exchangeable Bond Scheme, 2008 (FCCB scheme) and the conversion price Rs. 200/- determined by assessee on the basis of price of shares at Bombay...