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The Commissioner of Income Tax-3, Mumbai Versus M/s. Dolphin Offshore Enterprises (I) Ltd.

2016 (10) TMI 168 - BOMBAY HIGH COURT

Revision 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 i .....

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ibunal 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 pr .....

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s 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 .....

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e order passed by the Income Tax Appellate Tribunal (ITAT) dated 28 June 2013 for the Assessment Year 2006-07. 2. The Revenue urges the following question of law for our consideration : (A) Whether, on the facts and circumstances of the case and in l .....

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; 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 Off .....

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FCCB). The aforesaid claim for deduction was allowed by the order dated 31 December 2008 of the Assessing Officer under Section 143(3) of the Act. 4. The Commissioner of Income Tax (CIT), however, was of the view that the order allowing an expenditur .....

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nder Section 263 of the Act and held that the expenditure of ₹ 2.35 crores had to be allowed under Section 35D of Act over a period of time and not allowed entirely in the subject assessment year, thus, directed the Assessing Officer to pass a .....

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ts, the Tribunal had held that the expenses incurred with regard to FCCB are revenue in nature and are deductible in full in the year in which it was incurred. In the above view, the impugned order holds that the order of assessment dated 31 December .....

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