2019 (8) TMI 1615

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....ns of law, for our consideration: "(a) 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. 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 de....

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....Havells India Ltd., (supra) to hold that the expenses incurred on issue of FCCB is an expense 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 ....