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TMI Blog2019 (8) TMI 1615X X X X Extracts X X X X X X X X Extracts X X X X ..... ther on the facts and in the circumstance of the case and in law, the Tribunal was justified in deleting the disallowance of expenses of Rs. 28,58,28,246/on the issue of Foreign Currency Convertible Bond without appreciating the fact that expenses were incurred for the issue of FCCB of Rs. 1304.13 Crores which is in capital in nature? (b) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in deleting the disallowance of expenses of Rs. 23,21,766/on the issue of Foreign Currency Convertible Bond on the interpretation of DTAA? (c) Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in deleting the addition of Rs. 17,75,67,418/arising out of assignment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pense for raising a loan, therefore, the expense is revenue in nature. It observed that the Revenue has not shown any reasons as to why this Court should take different view in this case from the view taken by the various High Courts in the country on an identical issue. (iii) In view of the above, the question as framed does not give rise to any substantial question of law. Thus, not entertained. 4 Re. Question (c): (i) The impugned order of the Tribunal dismissed the Revenue's appeal by inter alia placing reliance upon the decision of its coordinate bench in the case of Siemens Nixdorf Information Systeme GmbH v/s. DDIT 68 taxmann 113. This on the basis that it was an agreed position between the parties that, the decision taken in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid circumstances, the Tribunal restricted the disallowance on the reasonable basis as mandated by Section 14A of the Act to 5% of the exempt income; (iii) This view of the Tribunal being in accord with the view of the Apex Court in Essar Teleholdings (supra), the question as framed does not give rise to any substantial question of law. Thus, not entertained. 6 Appeal admitted on the reframed substantial question of law at (b) above. 7 Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the present appeal available, to be produced when sought for by the Court. To be heard along with Income Tax Appeal (L) No.1544 of 2012. Mr. Agarwal, learne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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