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2017 (2) TMI 34 - HC - Income TaxAddition u/s 14A - Applicability of Rule 8D - whether shall be applicable retrospectively or shall be applicable from AY 2008-09? - ITAT delted addition - Held that:- It is not in dispute that now following the decision of the Bombay High Court in the case of Godrej and Boyce Mfg Co. Ltd vs. Deputy CIT reported in (2010 (8) TMI 77 - BOMBAY HIGH COURT ), the Division Bench of this Court in the case of Commissioner of Income Tax vs. Torrent Power Limited (2014 (6) TMI 185 - GUJARAT HIGH COURT ) has held that provision of Rule 8D shall be applicable prospectively and shall not be applicable with respect to earlier assessment years. In view of above concluded question, it cannot be said the learned Tribunal has committed any error. The proposed questions of law are answered against the Revenue and in favour of assessee
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