Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
The text examines whether deeming language in a debenture trust deed effects automatic conversion of optionally convertible debentures absent statutory and corporate compliance, and whether a put option exercise followed by non-redemption gives rise to financial debt under insolvency law. It reasons that Clause 6(b)'s deeming operates only upon actual allotment and completion of statutory steps (authorised capital, RoC filings, ISIN activation, credit to demat), so conversion was incomplete. Clause 10/11 rights allowed the trustee to exercise the put after 60 months; failure to redeem on the Put Notice constituted default and financial debt, justifying admission of the insolvency petition.
The text examines whether deeming language in a debenture trust deed effects automatic conversion of optionally convertible debentures absent statutory and corporate compliance, and whether a put option exercise followed by non-redemption gives rise to financial debt under insolvency law. It reasons that Clause 6(b)'s deeming operates only upon actual allotment and completion of statutory steps (authorised capital, RoC filings, ISIN activation, credit to demat), so conversion was incomplete. Clause 10/11 rights allowed the trustee to exercise the put after 60 months; failure to redeem on the Put Notice constituted default and financial debt, justifying admission of the insolvency petition.
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