2022 (9) TMI 1114

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....arned CIT(A) erred in deleting the addition of Rs.3,30,36,346/- being expenses of FCCB held s capital expenditure by the AO, by merely relying on the decisions relied upon by the assessee and without deciding the issue on merits. (ii) On the facts and in the circumstances of the case and in law the learned CIT(A) erred in taking cognizance of the fact that in assessee's case there were various terms offered for raising the funds through FCCB convertible into ordinary equity shares therefore the ratio of M/s. Secure Meters Limited cannot be squarely applied to the assessee's case. Relief claimed in appeal The order of the Ld. CIT(A) on the issues raised in the aforesaid Grounds be set aside and that of the Assessin....

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....of the assessee despite giving notice. The Department has also served the notice but the assessee was not available on last known address and thereby no address given to the Department by the assessee. From the perusal of the records, it is seen that vide letter dated 30.09.2019, the Ld. AR of the assessee has filed a copy of the order passed by NCLT in respect of the assessee appointing Mr. Kiran Chinubhai Shah as Interim Resolution Professional but the known address has not been given to the Registry from that letter upon which the Registry could not issue any notice or serve any notice to the concerned professional. Since this is the appeal filed by the Revenue, we are proceeding on the basis of Ld .DR's submission before us. 6. The L....

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....he holder has an option to convert the FCCBs into equity shares at an initial conversation price of Rs.130/- per share from the issue date until 14.10.2012. There are no chances of conversation into the equity shares since the same is not converted till date and it is not likely to covert because the market price of the company's share is below Rs.10 as on that particular date. The entire amount of FCCB is to be redeemed on or before 14.11.2012. The assessee relied upon the decision of India Cement (SC) 60 ITR 52, decision of Hon'ble Rajasthan High Court in the case of CIT vs. Secure Meters Limited, 175 taxman 567. After going through the assessee's submissions, the CIT(A) has observed that the decision relied by the Assessing Officer in th....