TMI Blog2020 (1) TMI 1100X X X X Extracts X X X X X X X X Extracts X X X X ..... ME COURT] wherein it has been held that Rule 8D of the Income Tax Rules, 1962 is prospective in operation and cannot be applied to any assessment year prior to assessment year 2008-09. In so far the present appeal is concerned, the assessment year in question is 2007-08. Therefore, in view of the decision of the Supreme Court as above, provisions of Rule 8D will not be applicable. Consequently, q ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the respondent-assessee. 2. This appeal under Section 260A of the Income Tax Act, 1961 ( the Act for short) is preferred against the order dated 13.07.2016 passed by the Income Tax Appellate Tribunal, B Bench Mumbai, Mumbai ( Tribunal for short) in Income Tax Appeal Nos. 2966- 3085/Mum/2014 for the Assessment Year 2007-08. 3. Following three questions have been proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofit loss account in accordance with Part- II III of Schedule VI of the Companies Act, 1956 without appreciating that under section 115JB(2) of the Income Tax Act, 1961, every company is mandatorily required to prepare profit loss account in accordance with the provisions of Part-II III of Schedule VI of the Companies Act, 1956, for income tax purposes? (c) Whether on the facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rein it has been held that Rule 8D of the Income Tax Rules, 1962 is prospective in operation and cannot be applied to any assessment year prior to assessment year 2008-09. This was also the view of this Court in Godrej and Boyce Manufacturing Co. Ltd. v/s. Deputy CIT, 328 ITR 81/194 Taxman 203(Bom.) which view has been upheld by the Supreme Court. 4.1 In so far the present appeal is c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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