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TMI Blog2017 (7) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... Asset Management Company. In the Assessment Order, the Assessing Officer accepted that the Assessee is Asset Management Company. There is no dispute in this regard. The Respondent Assessee is statutorily liable to bear the expenses over and above 6%. The same has been rightly considered by the Tribunal. As far as allowing the expenses relating to IT infrastructure is concerned, it would appear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal was correct in allowing expenditure in excess of 6% of the liability of the Mutual Fund companies ignoring the fact that this liability was that of the individual companies and not of the holding company ? 6.3 Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in allowing expenditure relatable to IT Infrastructure expenses when ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 96, as it stood clearly, states that any expense other than those specified in Subregulations (2) and (4) shall be borne by the Asset Management Company. Respondent is the Asset Management Company. As such, it is statutorily liable to meet the said expenses. The learned counsel states that this Court in IncomeTax Appeal No.1286 of 2008 decided on December 10, 2008 has considered the same issue. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat any excess over the 6 per cent initial issue expense shall be borne by the asset management company. 5. Reading the said proviso, it is manifest that any excess over the 6% initial issue expense shall be borne by the Asset Management Company. In the Assessment Order, the Assessing Officer accepted that the Assessee is Asset Management Company. There is no dispute in this regard. The Resp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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