https://www.taxtmi.com/caselaws?id=337813 The court ruled in favor of the Assessee, determining that the Compulsorily Convertible Debentures (CCDs) should not be treated as loans and that benchmarking should align with Indian currency standards. The Transfer Pricing adjustments made by the Transfer Pricing Officer (TPO) were deleted, as the interest rates on the CCDs were found to be acceptable. The court partially allowed the Assessee's appeal and rejected the initiation of penalty proceedings under section 271(1)(c). en-us Fri, 13 Jan 2017 00:00:00 +0530 Wed, 18 Jan 2017 08:45:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337813 The court ruled in favor of the Assessee, determining that the Compulsorily Convertible Debentures (CCDs) should not be treated as loans and that benchmarking should align with Indian currency standards. The Transfer Pricing adjustments made by the Transfer Pricing Officer (TPO) were deleted, as the interest rates on the CCDs were found to be acceptable. The court partially allowed the Assessee's appeal and rejected the initiation of penalty proceedings under section 271(1)(c). Case-Laws Income Tax Fri, 13 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337813