Held that the nature, rights and obligations attached to OCDs/CCDs cannot be equated with that of shares until conversion thereof; till then OCDs/CCDs retain the character of debenture simplicitor; tax authorities have fallen into error by not giving the assessee the benefit of s. 115A r/w s. 194LD regarding OCD/CCD. (AY. 2020-21 & 2021-22)
Amplus Energy Solutions Pte Ltd. v. ACIT (2025) 237 TTJ 1034 / 175 taxmann.com 1070 (Delhi) (Trib)
S. 115A: Foreign companies-Tax on interest income-Interest on compulsory convertible debentures and optionally convertible debentures-Entitled to concessional rate under S. 115A(1)(a)(BA)(ii) r/w s. 194LD in respect of OCDs and CCDs [S. 115A(1)(a)(BA)(ii), 194LD]
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