https://www.taxtmi.com/caselaws?id=303425 The High Court ruled that gains from transferring Compulsorily Convertible Debentures (CCDs) were rightly treated as capital gains, not interest income, as the transaction was a genuine commercial venture. The gains were considered capital gains due to the nature of the transaction as an investment in equity, aligning with government policy. The Tribunal upheld this decision, determining that the gains were not taxable in India under the Double Taxation Avoidance Agreement with Mauritius. Despite the Revenue's appeal and argument against following the High Court's decision, the Tribunal affirmed the CIT(A)'s decision, emphasizing the correctness of applying the High Court's ruling. en-us Fri, 01 Nov 2019 00:00:00 +0530 Fri, 22 Jul 2022 09:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303425 The High Court ruled that gains from transferring Compulsorily Convertible Debentures (CCDs) were rightly treated as capital gains, not interest income, as the transaction was a genuine commercial venture. The gains were considered capital gains due to the nature of the transaction as an investment in equity, aligning with government policy. The Tribunal upheld this decision, determining that the gains were not taxable in India under the Double Taxation Avoidance Agreement with Mauritius. Despite the Revenue's appeal and argument against following the High Court's decision, the Tribunal affirmed the CIT(A)'s decision, emphasizing the correctness of applying the High Court's ruling. Case-Laws Income Tax Fri, 01 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303425