https://www.taxtmi.com/caselaws?id=236573 The Tribunal dismissed the department's appeal, confirming that the Optionally Fully Convertible Debentures (OFCDs) issued by the assessee were securities and not loans or deposits. Consequently, the penalty imposed under Section 271D for violating Section 269SS was deleted. The Tribunal's decision was based on the Supreme Court's ruling in the 'Sahara India Real Estate Corporation Ltd.' case, which held that OFCDs are securities. en-us Mon, 26 Aug 2013 00:00:00 +0530 Mon, 04 Apr 2016 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236573 The Tribunal dismissed the department's appeal, confirming that the Optionally Fully Convertible Debentures (OFCDs) issued by the assessee were securities and not loans or deposits. Consequently, the penalty imposed under Section 271D for violating Section 269SS was deleted. The Tribunal's decision was based on the Supreme Court's ruling in the 'Sahara India Real Estate Corporation Ltd.' case, which held that OFCDs are securities. Case-Laws Income Tax Mon, 26 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236573