Are foreign currency convertible bonds considered a part of capital employed for deduction u/s 35D?

Last updated: 01 December 2021
Quick Summary
This High Court of Karnataka judgement addresses whether foreign currency convertible bonds (FCCBs) can be considered part of 'capital employed' for the purpose of claiming deductions under Section 35D of the Income Tax Act. The case involves an appeal by the Principal Commissioner of Income Tax against M/s Subex Ltd. concerning the assessment year 2008-09. The court's decision clarifies the treatment of such financial instruments in tax calculations.

Court :
High Court Of Karnataka

Brief :
THIS INCOME TAX APPEAL IS FILED UNDER SECTION 260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER DATED 19.06.2015

Citation :
I.T.A.No.624/2015

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

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Poojitha Raam Vinay
Published in Income Tax
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