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of <h1>Interpretation of Section 47(xa) on bond acquisition date upheld, affirming 1993 vs. 2008 schemes.</h1> <h3>COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) 3 MUMBAI & ORS. Versus KINGFISHER CAPITAL CLO LTD.</h3> COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) 3 MUMBAI & ORS. Versus KINGFISHER CAPITAL CLO LTD. - [2023] 456 ITR 775 (SC) Issues involved:The interpretation of Section 47 (xa) in relation to the date of acquisition of bonds and underlying shares.Judgment Summary:Interpretation of Section 47 (xa):The revenue sought to argue the interpretation of Section 47 (xa) in conjunction with Section 115AC, emphasizing the date of acquisition of bonds by the assessee for valuation purposes. The Court analyzed the provisions introduced through an amendment from the Finance Act, 2008, effective from 01.10.2008. It noted the relevance of the Foreign Currency Exchangeable Bond Scheme, 2008, and the distinction between this scheme and the earlier scheme of Foreign Exchange Convertible Bonds from 1993. The Court concluded that the bonds in question aligned with the 1993 scheme rather than the 2008 Scheme, emphasizing the importance of this distinction. It upheld the reasoning of the Bombay High Court, dismissing the special leave petitions based on this interpretation.Conclusion:The Court, after considering the submissions and relevant judgments, upheld the interpretation of Section 47 (xa) in relation to the date of acquisition of bonds and underlying shares. It emphasized the distinction between the two schemes and affirmed the decision of the Bombay High Court. The special leave petitions were consequently dismissed, and any pending applications were disposed of.
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