https://www.taxtmi.com/caselaws?id=396130 The Tribunal allowed the appeal by the assessee, permitting the deduction for interest expenditure on Compulsorily Convertible Debentures (CCDs) until conversion into equity, contrary to the revenue authorities' disallowance. The decision distinguished expenses on issuing debentures from interest on CCDs, citing relevant jurisprudence and emphasizing the tax treatment of CCD interest. The Ashima Syntex Ltd. ruling was deemed inapplicable. The assessee's claim was upheld, and the interest deduction was allowed under Section 36(1)(iii) until conversion, with the judgment pronounced on June 19, 2020. en-us Fri, 19 Jun 2020 00:00:00 +0530 Mon, 22 Jun 2020 08:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396130 The Tribunal allowed the appeal by the assessee, permitting the deduction for interest expenditure on Compulsorily Convertible Debentures (CCDs) until conversion into equity, contrary to the revenue authorities' disallowance. The decision distinguished expenses on issuing debentures from interest on CCDs, citing relevant jurisprudence and emphasizing the tax treatment of CCD interest. The Ashima Syntex Ltd. ruling was deemed inapplicable. The assessee's claim was upheld, and the interest deduction was allowed under Section 36(1)(iii) until conversion, with the judgment pronounced on June 19, 2020. Case-Laws Income Tax Fri, 19 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396130