https://www.taxtmi.com/caselaws?id=311639 Gains from transfer of compulsorily convertible debentures were held not to be taxable as interest income under Section 2(28A) and Article 11 of the India-Mauritius treaty, because the legal character of the instrument was not altered by the surrounding commercial arrangements. The Tribunal relied on the jurisdictional High Court's view that the joint venture was a genuine commercial venture, there was no basis to disregard the debentures or treat the entities as a single unit, and that ruling continued to govern the issue despite the pendency of the Revenue's special leave petition. The Revenue's appeal was rejected. en-us Wed, 08 Sep 2021 00:00:00 +0530 Fri, 05 Jan 2024 21:52:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311639 Gains from transfer of compulsorily convertible debentures were held not to be taxable as interest income under Section 2(28A) and Article 11 of the India-Mauritius treaty, because the legal character of the instrument was not altered by the surrounding commercial arrangements. The Tribunal relied on the jurisdictional High Court's view that the joint venture was a genuine commercial venture, there was no basis to disregard the debentures or treat the entities as a single unit, and that ruling continued to govern the issue despite the pendency of the Revenue's special leave petition. The Revenue's appeal was rejected. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311639