Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (9) TMI 467 - AT - Income TaxDisallowance u/s 14A r/w Rule 8D - Do Rule 8D read with Section 14A apply retrospectively – Section 14A, as introduced by virtue of the Finance Act, 2001, was with retrospective effect from 01.04.1962. Rule 8D, which was introduced by virtue of the Notification No.45/2008 dated 24.03.2008. Held that:- Following the decision of Delhi High Court in case of Maxopp Investment Ltd. (2011 (11) TMI 267) & Bombay High Court in case of Godrej & Boyce Mfg. Co. Ltd. (2010 (8) TMI 15) that Rule 8D of the which was introduced by virtue of Notification No.45/2008 dated 24.3.2008 is prospective in operation and cannot be regarded as being retrospective. Therefore provisions of Rule 8D shall apply with effect from assessment year 2008-09 onwards. The Order of CIT (A) & AO is perverse and supported by misinterpretation of the provisions of the Act and rules made thereunder. Case remand back to AO.
|