FCCB issue expenses included as part of FCCB Premium Expenses allowable as Deduction: ITAT [Read Order]

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has recently held that Foreign Currency Convertible Bond (FCCB) issue expenses included as part of  Foreign Currency Convertible Bond (FCCB) premium expenses  are allowable as deduction. Assessee-Strides Arcolab Limitedis engaged in the business of manufacturing pharmaceutical formulations. For the assessment year 2010-11, the assessee filed the…