Tax Implications on Issuance of Compulsorily Convertible Preference Shares /Convertible Preference Shares

The issuance of Compulsorily Convertible Prefernce Shares (“CCPS“) and Convertible Preference Shares (“CPS“) and conversion thereof can give rise to two kinds of taxing events for the company issuing such shares. First is when the preference shares are simply redeemed either a higher market value or lower market value. Second is when such preference shares…

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Chhunna Mal Ram Nath vs. Mool Chand Ram Bhagat

Chhunna Mal Ram Nath vs. ¬†Mool Chand Ram Bhagat (1928) 30 BOMLR 837 Key Words: breach, recovery of damages, sale, delivery, dispensing with the performance FACTS Plaintiffs entered into contract for taking deliveries of the goods packed in wooden boxes from the defendants, which latter was to secure from London. Since British government prohibited the…

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Kalyani Breweries Limited v. State Of West Bengal And Ors.

Kalyani Breweries Limited v. State Of West Bengal and Ors. 1997( 7 ) SCC 738 FACTS: The assessee brewed and sold beer in beer bottles and when empty beer bottles were returned by the customers, refunds were made at same rate for deposit on bottles. There was nothing on record which indicated that the terms…

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State of Maharashtra v. Britannia Biscuit Co. Ltd.

State of Maharashtra v. Britannia Biscuit Co. Ltd. 1995 Supp (2) SCC 72 FACTS: The respondents manufactured and sold biscuits in tins. In respect to the biscuits sold in Bombay and its suburbs, the assessee (respondents) charged only for the price of the biscuits. With regards to the tins, the respondents took a refundable deposit…