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2015 (3) TMI 651 - BOMBAY HIGH COURT

2015 (3) TMI 651 - BOMBAY HIGH COURT - TMI - 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 disallowance of expenditure in relation to exempt income has to be made even in respect of Assessment Year prior to Assessment Year 2008-09 when Rule 8D of the Income Tax Rules, 1962 is applicable - Held that:- So .....

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an appeal to this Court. However the above appeal 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. C. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 5 October 2012 passed by the Income Tax Appellate Tribunal (the 'Tribunal .....

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exempt income" 3. We were unable to understand 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 328 ITR 81 to the present facts. However the grievance of the revenue is that in terms of decision of this Court in Godrej Boyce Mfg. Co. Ltd. (supra) reasonable disallowance of expenditure in relation to .....

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