2011 (1) TMI 1532 - AT - Income Tax

Summary

The ITAT Mumbai allowed the appeal by the assessee related to the assessment year 2006-07, concerning the disallowance u/s.14A of the Act. The Tribunal directed the AO to compute the disallowance in accordance with the judgment of the jurisdictional High Court in Godrej & Boyce Mfg. Ltd. vs. DCIT, stating that Rule 8D is not applicable as it is prospective. The appeal was allowed for statistical purposes.