https://www.taxtmi.com/highlights?id=61086 Deduction of interest (premium) on Zero Coupon Convertible Bonds(ZCCB) - Disallowances being the proportionate claim of the premium on ZCCBs written off during the tenure of Zero Coupon Convertible Bonds - Assessee is following mercantile methods of accounting - different treatment in books of accounts and income tax computation - The assessee could have very well debited the amount to the profit and loss account, but it has chosen to debit the amount to share premium account in the books, which is also permitted as per Companies Act. No infraction of law in this regard was pointed out. - The amount of debenture redemption premium is accrued and liable to be deducted. - AT en-us Thu, 23 Dec 2021 12:13:14 +0530 Thu, 23 Dec 2021 12:13:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61086 Deduction of interest (premium) on Zero Coupon Convertible Bonds(ZCCB) - Disallowances being the proportionate claim of the premium on ZCCBs written off during the tenure of Zero Coupon Convertible Bonds - Assessee is following mercantile methods of accounting - different treatment in books of accounts and income tax computation - The assessee could have very well debited the amount to the profit and loss account, but it has chosen to debit the amount to share premium account in the books, which is also permitted as per Companies Act. No infraction of law in this regard was pointed out. - The amount of debenture redemption premium is accrued and liable to be deducted. - AT Highlights Income Tax Thu, 23 Dec 2021 12:13:14 +0530 https://www.taxtmi.com/highlights?id=61086