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2012 (3) TMI 401 - AT - Income TaxDisallowance u/s 14A read with Rule 8D - Held that:- Since the assessment year involved in this appeal is relating to A.Yr. 2007-08 as per the decision of the Hon’ble Bombay High Court in the case of Godrej and Boyce Mfg. Pvt. Ltd. (2010 (8) TMI 77 - BOMBAY HIGH COURT) relied upon by the ld. Counsel for the assessee, Rule 8D is not applicable in the assessment year under consideration. This Tribunal has been taking a consistent view of sustaining the disallowance u/s 14A at 1% of the dividend income. Accordingly we direct the AO to disallow 1% of the dividend income as expenditure relevant to earning of dividend income. We order accordingly.
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