Sec. 56(2)(x) Inapplicable to Conversion of Optionally Convertible Cumulative Redeemable Preference Shares into Equity Shares

Fairbridge capital (Mauritius) Limited Vs ACIT (ITAT Mumbai) Section 56(2)(x) doesn’t apply on conversion of Optionally Convertible Cumulative Redeemable Preference Shares into equity ITAT Mumbai held that provisions of section 56(2)(x) of the Income Tax Act have no applicability on conversion of Optionally Convertible Cumulative Redeemable Preference Shares into equity shares. Accordingly, addition made by invoking section 56(2)(x) cannot be sustained. Thus, appeal is allowed. Facts- This appeal by the assessee is directed against the final assessment order dated 16 January 2025 passed by ...