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2017 (7) TMI 740 - HC - Income TaxExpenditure in excess of 6% of the liability of the Mutual Fund companies - whether this liability was that of the individual companies and not of the holding company ? - Held 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 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 that in the subsequent assessment year 2009-10, the Assessing Officer has accepted the expenditure on account of IT infrastructure as separate expenses and has allowed the same. There is no reason to take different view for the present assessment year.
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