E-filing system failure permits exclusion of affected time in insolvency appeals, preventing tribunal technology defects from defeating timely filings...
Pre-existing disputes over outcome-based professional fees can bar Section 9 insolvency proceedings where contractual entitlement requires investigati...
Corresponding scheduled offences preserve money-laundering jurisdiction despite repeal of the central corruption provision where conduct remains cover...
Section 56(2)(viib) applies when consideration is received for the issue of shares. Fully and compulsorily convertible debentures retain their character as debentures until conversion; compulsory future conversion does not treat them as shares on the date consideration is received. Neither section 56(2)(viib) nor Rule 11UA creates a deeming rule that classifies unconverted FCCDs as shares. The original issue of convertible debentures and the later issue of shares on conversion are distinct events, and conversion without fresh consideration does not independently trigger the provision. Regulatory or insolvency classifications cannot expand the charging language of the Income-tax Act.
Section 56(2)(viib) applies when consideration is received for the issue of shares. Fully and compulsorily convertible debentures retain their character as debentures until conversion; compulsory future conversion does not treat them as shares on the date consideration is received. Neither section 56(2)(viib) nor Rule 11UA creates a deeming rule that classifies unconverted FCCDs as shares. The original issue of convertible debentures and the later issue of shares on conversion are distinct events, and conversion without fresh consideration does not independently trigger the provision. Regulatory or insolvency classifications cannot expand the charging language of the Income-tax Act.
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