TMI Blog2018 (7) TMI 2135X X X X Extracts X X X X X X X X Extracts X X X X ..... with regard to the correctness of the claim of the Assessee , had invoked and applied Rule 8D as a mandatory provision applicable in all cases of exempt income. Action of the AO was contrary to law and, therefore, there is no merit in the present appeal. We have not affirmed and accepted the view expressed by the Commissioner of Income Tax (Appeals) that provisions of Section 14A and Rule 8D ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to disallowance of expenditure of ₹ 99,09,017/- made by the Assessing Officer under Section 14A of the Income Tax Act, 1961 by invoking Rule 8D of the Income Tax Rules, 1962. Question is covered by the decision of the Supreme Court in the case of Godrej Boyce Manufacturing Company v. DCIT, 2017(394) ITR 449(SC), wherein, with reference to applicability Rule 8D, it was observed and held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... requisite satisfaction with regard to the correctness of the claim of the Assessee. It is only thereafter that the provisions of Section 14A(2) and (3) read with Rule 8D of the Rules or a best judgment determination, as earlier prevailing, would become applicable. (emphasis supplied) In the present case, however, the Assessing Officer ( AO‟) without recording required satisfaction on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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