Foreign Currency Convertible Bonds scheme under section 115AC prescribes tax treatment through depositary receipts for subsequent assessment years. The notification specifies the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 as the prescribed scheme under clause (a) of sub section (1) of section 115AC of the Income tax Act, effective for the assessment year 1993 94 (previous year 1992 93) and subsequent assessment years, identifying issuance of foreign currency convertible bonds and conversion into ordinary shares via depositary receipts as the transactional mechanism covered by the provision.
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Provisions expressly mentioned in the judgment/order text.
Foreign Currency Convertible Bonds scheme under section 115AC prescribes tax treatment through depositary receipts for subsequent assessment years.
The notification specifies the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 as the prescribed scheme under clause (a) of sub section (1) of section 115AC of the Income tax Act, effective for the assessment year 1993 94 (previous year 1992 93) and subsequent assessment years, identifying issuance of foreign currency convertible bonds and conversion into ordinary shares via depositary receipts as the transactional mechanism covered by the provision.
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