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Commissioner of Income Tax-10 Versus M/s. Godrej Agrovet Ltd.

2015 (3) TMI 651 - BOMBAY HIGH COURT

Computation of disallowance of interest - Tribunal rejected the computation made by the AO as per Rule 8D - Grievance of the revenue is that in terms of decision of Godrej Boyce Mfg. Co. Ltd. (2010 (8) TMI 77 - BOMBAY HIGH COURT) reasonable disallowa .....

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e expenditure to earn exempt income is concerned, we find that the impugned order has followed its decision in case of the respondent-assessee for the Assessment Year 2005-06 [2014 (8) TMI 457 - BOMBAY HIGH COURT] where disallowance was limited to 2% .....

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peal of the revenue was dismissed. - Decided against revenue. - Income Tax Appeal No. 524 of 2013 - Dated:- 9-3-2015 - M. S. Sanklecha And G. S. Kulkarni,JJ. For the Appellant : Mr Arvind Pinto, Adv. For the Respondent : Mr Atul Jasani, Adv. ORDER P. .....

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ssessment Year 2007-08. 2. The revenue has proposed the following question of law for our consideration: "Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified rejecting the computation of disallowance o .....

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rstand the proposed question. Mr. Pinto, learned Counsel appearing for revenue explains to us the meaning by stating that the revenue does not dispute the applicability of the decision of this Court in Godrej Boyce Mfg. Co. Ltd. Vs. DCIT reported in .....

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of Assessment Year prior to Assessment Year 2008-09 when Rule 8D of the Income Tax Rules, 1962 is applicable. 4. So far as the issue of disallowance of reasonable expenditure to earn exempt income is concerned, we find that the impugned order has fol .....

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