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TPO couldn't benchmark convertible debentures on basis of LIBOR when such debentures were issued in INR

February 15, 2017[2017] 78 75 (Hyderabad - Trib.)

IT/ILT : Where CCD's were issued by assessee in Indian Rupees, TPO wrongly treated it as loan by taking it as external commercial borrowing and, in such a case, there was no justification in considering LIBOR as benchmark rate

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