Deduction of interest (premium) on Zero Coupon Convertible Bonds(ZCCB) - Disallowances being the...

Deduction of interest (premium) on Zero Coupon Convertible Bonds(ZCCB) - Disallowances being the proportionate claim of the premium on ZCCBs written off during the tenure of Zero Coupon Convertible Bonds - Assessee is following mercantile methods of accounting - different treatment in books of accounts and income tax computation - The assessee could have very well debited the amount to the profit and loss account, but it has chosen to debit the amount to share premium account in the books, which..... .....

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