Income from sale of Convertible Debentures under exit option with min assured return isn’t interest

IT/ILT : Gains from sale of CCDs in Joint Venture Company by foreign partner to Indian partner under exit option not "interest" u/s 2(28A) but "capital gains" even if the exit option assures a minimum assured return. Whether a Compulsorily Convertible Debenture is a loan simplicitor or whether it is in the nature of equity, is not material in determining whether the gain on the sale of the debentures by its holder is a capital gain or not. This depends entirely on whether the debentures are capi