COMMISSIONER OF INCOM TAX Vs. TEMPLETON ASSET MANAGEMENT

JUDGEMENT

(1.) The Appeal is admitted on the following questions of law and taken up for hearing by consent of the parties:

(2.) The Assessment Year involved herein is A.Y. 2003-2004.

(3.) The Assessee is a private limited company engaged in the business of Asset Management of Mutual Funds. In the Assessment Year in question, the Assessing Officer on noticing that the Assessee has claimed investment advisory fees, less than the ceiling prescribed under Regulation 52 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 added the differential amount to the income of the Assessee.