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2016 (10) TMI 168 - HC - Income TaxRevision u/s 263 - ITAT setting aside the order passed by the Commissioner under Section 263 - whether the Foreign Currency Convertible Bonds (FCCB) expenses of ₹ 2,35,78,000/not allowable as revenue expenditure as these FCCBs are convertible into equity shares at the option of the bond holders at a future date and hence the said expenses ought to have been treated as capital expenditure by the Assessing Officer in original assessment proceedings? - Held that:- the impugned order of the Tribunal has followed its order in Mahindra & Mahindra (2013 (9) TMI 522 - ITAT, MUMBAI) which on merits held that the claim as made by the Respondent is allowable. Therefore, it concludes that the order of the Assessing Officer was not erroneous or prejudicial to the interest of the Revenue. The order of the Tribunal in Mahindra & Mahindra (supra) is not shown to be challenged before a higher forum. In the above view, it must follow that the order of the Tribunal in Mahindra & Mahindra (supra) has been accepted by the Revenue. Therefore, as no reasons are forthcoming from the Revenue about distinguishing features in this case from that in Mahindra & Mahindra (supra), which had been accepted by the Revenue, we see no reason to entertain this appeal.
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