Conversion of Compulsory Convertible Debentures (CCDs) into Equity shares would fall within the purview of S. 56(2)(viib)

The Kolkata Income Tax Appellate Tribunal (“ITAT”) in their recent ruling 1 has ruled that the provisions of S. 56(2)(viib) would apply on conversion of CCDs

RBSA Advisors - Thumbanil Conversion of Compulsory Convertible Debentures WEbsite Inside 3 1

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