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2013 (10) TMI 475 - AT - Income TaxApplicability of Rule 8D for computation of disallowance - Disallowance of expenses relating to exempt income u/s 14A of the Income Tax Act – Held that:- Reliance has been placed upon the judgment in the case of Godrej Boyce Mfg Co Ltd. [2010 (8) TMI 77 - BOMBAY HIGH COURT], wherein it has been held that Rule 8D is applicable only from assessment year 2008-09 – In the present case, assessment years involved in the present appeal are assessment years 2006-07 and 2007-08. Therefore, application of Rule 8D by the authorities below in the assessment years under reference is not correct - Restored this issue back to the file of AO in both the years for passing fresh orders after necessary examination in the light of Judgment of Hon'ble High Court of Bombay in case of Godrej Boyce Mfg Co Ltd. (Supra) – Decided in favor of Assessee.
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