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2014 (1) TMI 801 - AT - Income TaxApplicability of Rule 8D - Held that:- Following Godrej & Boyce Mfg. Co. Ltd. vs. DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] - Applicability of Rule 8D of the Rules is prospective and not retrospective w.e.f. assessment year 2008-09 - A.O. was directed to recompute the disallowance in case there is a nexus for expenses with exempt income - The disallowance u/s 14A of the Act was restricted to 1% of total exempt income - Partly allowed in favour of assessee. Computation of book profit u/s. 115JB with regard to provisions of unidentified third party claim of motor accident - Held that:- Following assessee's own case for A.Y. 2001-02 - The povision created on account of unidentified Motor Third Party claim will not fall under sub-section 115JB(2) Explanation 1(c) of the I T Act - No addition is required to be made while computing the tax liability u/s 115JB of the I.T. Act - Decided in favour of assessee.
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