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2013 (2) TMI 664 - AT - Income TaxDisallowance u/s 14A r.w.r. 8D - Held that:- Provisions of Rule 8D, are not applicable in assessment year 2007-08 in view of the judgment of Godrej & Boyce Mfg. Co. Ltd. v/s DCIT, (2010 (8) TMI 77 - BOMBAY HIGH COURT); and secondly, the disallowance @ 10% of the dividend income can be said to be a reasonable basis on the facts fo the case. Therefore, we do not find any reason to deviate from such a finding given by the learned Commissioner (Appeals). There is no merit in the ground raised by the Revenue which is mainly on the ground that the judgment of the Hon'ble Jurisdictional High Court in Godrej & Boyce Mfg. Co. Ltd. (supra) has not been accepted by the Department and Special Leave Petition is pending before the Apex Court. Thus, such a ground raised by the Revenue cannot be sustained and accordingly the same is dismissed. - Decided against revenue.
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