https://www.taxtmi.com/caselaws?id=436008 The Tribunal held that the Principal Commissioner of Income Tax's order directing the revision of the assessment under section 263 was erroneous and prejudicial to the Assessee. The instruments in question, Zero Coupon Unsecured Optionally Fully Convertible Debentures (ZOFCDs) and Fully Convertible Debentures (FCDs), were found not to be Compound Financial Instruments (CFIs). Therefore, they should not be included in the "transition amount" for computing book profit under section 115JB(2C). The Assessee's appeal was allowed, and the PCIT's order was reversed. en-us Wed, 29 Mar 2023 00:00:00 +0530 Sat, 01 Apr 2023 08:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436008 The Tribunal held that the Principal Commissioner of Income Tax's order directing the revision of the assessment under section 263 was erroneous and prejudicial to the Assessee. The instruments in question, Zero Coupon Unsecured Optionally Fully Convertible Debentures (ZOFCDs) and Fully Convertible Debentures (FCDs), were found not to be Compound Financial Instruments (CFIs). Therefore, they should not be included in the "transition amount" for computing book profit under section 115JB(2C). The Assessee's appeal was allowed, and the PCIT's order was reversed. Case-Laws Income Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436008