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2016 (7) TMI 1456 - HC - Income TaxDisallowance u/s. 14A - the method adopted by Assessing Officer is not applicable to the year under consideration i.e. Assessment Year 2007-08 - Held that:- The impugned order of the Tribunal has restored the issued of disallowance under Section 14A of the Act to the AO to recompute the same on reasonable basis. This was done by following the binding decision of this Court in Godrej & Boyce Manufacturing Co., Ltd., v/s. ACIT [2010 (8) TMI 77 - BOMBAY HIGH COURT]– wherein it has been held that for the Assessment Year prior to the Assessment Year 200809, the disallowance is to be done on the reasonable basis and not by invoking Rule 8D of the Income Tax Rules 1961. No substantial question of law arises
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