Dismissing the appeal the Tribunal held that  the whole interest amount of Rs. 75.46 lakhs was deemed to be received by the assessee upon conversion of debentures into equity shares in this year. If the amount of Rs. 61.97 lakhs was not brought to tax, it would never have been brought to tax.  The taxability of interest component of debentures that had accrued to the assessee up to the date of conversion. Therefore, the action of the Assessing Officer in accepting the return of income is  not in accordance with law. The order had errors which was prejudicial to the interests of the Revenue. The revision of the order is  justified.(AY.2013-14)