https://www.taxtmi.com/caselaws?id=117714 The Tribunal upheld the denial of indexed cost of acquisition for non-convertible debentures, ruling that the term "debenture" under the Income-tax Act encompassed various securities, including those not involving interest payments. The Tribunal rejected the appellant's argument that conversion of debentures into shares did not constitute a transfer, emphasizing the unambiguous nature of the provision and the lack of necessity for convertibility. The appeal was dismissed, affirming the decision of the Commissioner of Income-tax (Appeals) and denying indexed cost of acquisition for the debentures in question. en-us Fri, 07 Jan 2005 00:00:00 +0530 Tue, 26 Jun 2012 11:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117714 The Tribunal upheld the denial of indexed cost of acquisition for non-convertible debentures, ruling that the term "debenture" under the Income-tax Act encompassed various securities, including those not involving interest payments. The Tribunal rejected the appellant's argument that conversion of debentures into shares did not constitute a transfer, emphasizing the unambiguous nature of the provision and the lack of necessity for convertibility. The appeal was dismissed, affirming the decision of the Commissioner of Income-tax (Appeals) and denying indexed cost of acquisition for the debentures in question. Case-Laws Income Tax Fri, 07 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117714