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2010 (11) TMI 696 - AT - Income TaxApplicability of Rule 8D - As per the Hon'ble Bombay High Court in the case of Godrej Boyce Manufacturing Co. Ltd. vs. DCIT (2010 (8) TMI 77 - BOMBAY HIGH COURT), where it has been held that Rule 8D of Income-tax Rules, 1962 framed in March, 2008 would apply only from the Assessment Year 2008-09 and not to earlier years - In the present case the assessment year involved is Assessment Year 2007-08 - Therefore, Rule 8D will not be applicable to the present case. Addition - Expenses for earning dividend income - It has been further clarified by the assessee that the sum of Rs.17,528/- incurred by the assessee has already been disallowed by the assessee voluntarily in the return of income filed by it as would be clear from the statement of assessable income filed by the assessee - Therefore, delete the disallowance made by the AO and restrict the same to Rs.17,528/- as disallowed by the assessee itself - The AO shall modify the assessment order accordingly.
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