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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
Case Law Details
- Case Name
- Director of Income-Tax International Taxation Vs Intel Capital (Cayman) Corporation (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All High Courts, Karnataka High Court
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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...
