Consideration received on issuing FCCDs falls outside Section 56(2)(viib) as debentures are not equity shares.
Consideration received on issuing FCCDs falls outside Section 56(2)(viib) as debentures are not equity shares. Issue Whether consideration received by an assessee-company towards the issuance of Fully Compulsory Convertible Debentures (FCCDs), which are convertible into equity shares at a future date, can be equated with the issue of equity shares so as to invoke the… Read More »