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OFCDs Are Securities, Not Deposits: ITAT

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September 6: In a landmark judgement, the Income Tax Appellate Tribunal has ruled that optionally convertible debentures are securities and cannot be treated as deposits for tax purposes. The order is likely to have a big ramification on the new breed of financial instruments, many of which are yet to be dealt with under existing laws. Bloomberg TV India outlines the details of this order and reviews its implications.