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TMI Blog2017 (7) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... l. The Appeal pertains to assessment year 2006-07. The learned counsel for the Appellant submits that the Appellant is not pressing question No.6.1 as framed. The substantial question 6.2 and 6.3, as framed by the Appellant, reads as under :- "6.2 Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was correct in allowing expenditure in excess of 6% of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even the Tribunal was in error in allowing expenses relating to IT infrastructure expenses when evidence was provided and the said expenses is capital in nature. 3. Mr.Jasani, the learned counsel for the Assessee submits that as per Regulation 52(5) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as it stood clearly, states that any expense other than those specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es other than those specified in SubRegulations (2) and (4) shall be borne by the asset management company or trustee or sponsors. Provided that initial expenses of launching a closeended scheme shall not exceed six per cent of initial resources raised under that scheme: Provided further that any excess over the 6 per cent initial issue expense shall be borne by the asset management company." ..... X X X X Extracts X X X X X X X X Extracts X X X X
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