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TMI Blog2007 (7) TMI 222X X X X Extracts X X X X X X X X Extracts X X X X ..... Raja J.— These appeals are filed under section 260A of the Income-tax Act, 1961, by the Revenue, against the order of the Income-tax Appellate Tribunal, Bench "B", Chennai in I. T. A. Nos. 172 and 175(Mds)/98 dated August 23, 2004, raising the following common substantial question of law : "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the expenses f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tains to the assessment years 1989-90 and 1992-93. For the relevant assessment years, the assessee claimed certain expenditure as debenture issue expenses. The Assessing Officer treated 60 per cent. of the claim of expenditure as capital expenditure and the balance 40 per cent. as revenue expenditure. Aggrieved by the same, the assessee filed an appeal to the Commissioner of Income-tax (Appeals). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taining a loan is a revenue expenditure. We accordingly uphold the claim of the assessee.' The Assessing Officer had bifurcated the expenditure and allowed only 40 per cent. as revenue expenditure, without any basis. The Tribunal correctly held that the disallowance of 60 per cent. is without any basis and the Assessing Officer was wrong in treating part of the expenditure as capital expend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the Tribunal to warrant interference. In view of the same, no substantial question of law arises for consideration by this court and hence, the appeal in respect of question No. 1 is dismissed." 4. Following the above principle, we are of the view that no substantial question of law arises for consideration of this court and accordingly the tax cases are dismissed. Consequently, M. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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