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2018 (11) TMI 1424 - AT - Income TaxDisallowance u/s 14A r.w.s. 8D - Held that:- We find that in the assessee’s own case, this Tribunal has already held that the disallowance under Rule 8D is to be computed only on the investments which have yielded exempt income and not on the entire investments. CIT(A) has accordingly computed the disallowance. Rule 8D has come into force w.e.f 24th March, 2008 and the Hon’ble Bombay High Court in the case of ITO vs. Daga Capital [2008 (10) TMI 383 - ITAT MUMBAI] has held that the said provision is applicable prospectively. The decision relied upon by the Assessee is for the A.Y. 2005-06 as is evident from para 3.1 of the said judgment, therefore, the said decision is not applicable to the case of the assessee and we see no reason to interfere with the order of the CIT(A) - Decided against assessee.
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