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2014 (3) TMI 286 - ITAT MUMBAIDisallowance u/s 14A of the Act – Held that:- The relevant assessment year 2007-08 is outside the scope of provisions of Rule 8D - The provisions cannot be treated as applicable to the A.Y.2007-08 – the decision in Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT 2010 (8) TMI 77 - BOMBAY HIGH COURT] followed - the percentage of the exempt income can constitute a reasonable estimate for making disallowance in the years earlier to the assessment year 2008-09 – thus, the AO is directed to quantify the disallowance – Decided partly in favour of Assessee.
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