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2018 (9) TMI 152 - HC - Income TaxRevision u/s 263 - addition u/s 14A - If an assessing officer doubts the quantum of expenditure incurred towards exempted income, is it mandatory for the assessing officer to apply the formula prescribed in Rule 8D of the Income Tax Rules, 1962 or can he take a view otherwise ? - Held that:- The Tribunal in substance has followed the principle enunciated by the Hon’ble Supreme Court GODREJ & BOYCE MANUFACTURING COMPANY LIMITED VERSUS DY. COMMISSIONER OF INCOME-TAX & ANR. [2017 (5) TMI 403 - SUPREME COURT OF INDIA] with regard to the applicability of Rule 8D. We have set out the relevant passage from the decision of the Tribunal on that point and do not find any error in the decision of the Tribunal which is under appeal. We do not think that any point of law is involved in this appeal as the same stands covered by the decision of the Hon’ble Supreme Court. The appeal and the stay petition are accordingly dismissed. AO has adopted one of the possible course open to him in law. The CIT cannot invoke jurisdiction u/s. 263 of the Act just because he does not agree with the view of the AO We are apprised by Mr. Murarka, learned counsel for the assessee-respondent that although his advocate-on-record has not filed vakalatnama yet, he has instructions to appear in this matter. On the undertaking that such vakalatnama shall be filed by 23rd July, 2018, counsel has been permitted to represent the assessee before us.
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