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Case Law Details

Case Name : CAE Flight Training (India) Pvt. Ltd. Vs DCIT (ITAT Bangalore)
Appeal Number : IT(TP)A No. 520/Bang/2022
Date of Judgement/Order : 02/08/2022
Related Assessment Year : 2016-17
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CAE Flight Training (India) Pvt. Ltd. Vs DCIT (ITAT Bangalore)

Held that interest paid on convertible debentures are allowable as expenditure u/s. 36(1)(iii) of the Act. Such interest cannot be treated as interest on equity.

Facts-

The only issue raised by assessee is in respect of treating Compulsory Convertible Debentures (CCDs) as equity and holding that no interest is payable on equity capital thereby computing the ALP of interest as Nil.

Conclusion-

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