https://www.taxtmi.com/caselaws?id=401948 The Tribunal upheld the CIT(A)'s decision regarding the recharacterization of debentures as equity share capital, emphasizing that the debentures were eventually redeemed and not converted into equity. The Tribunal also remanded the issue of benchmarking the interest rate on debentures back to the AO/TPO for fresh determination. Furthermore, the Tribunal allowed the deduction of education cess and secondary and higher education cess based on relevant case law and rulings. The appeals of both parties were partly allowed for statistical purposes. en-us Tue, 08 Dec 2020 00:00:00 +0530 Sat, 19 Dec 2020 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401948 The Tribunal upheld the CIT(A)'s decision regarding the recharacterization of debentures as equity share capital, emphasizing that the debentures were eventually redeemed and not converted into equity. The Tribunal also remanded the issue of benchmarking the interest rate on debentures back to the AO/TPO for fresh determination. Furthermore, the Tribunal allowed the deduction of education cess and secondary and higher education cess based on relevant case law and rulings. The appeals of both parties were partly allowed for statistical purposes. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401948