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TMI Blog2012 (10) TMI 1263X X X X Extracts X X X X X X X X Extracts X X X X ..... D E R Per P.M. Jagtap, A.M. : This appeal filed by the assessee is directed against the order of learned CIT(Appeals)-10, Mumbai dated 22-10-2010 and in the solitary ground raised therein, the assessee has challenged the disallowance of Rs.4,17,376/- made by the AO u/s 14A of the Act read with Rule 8D of Income-tax Rules which has been confirmed by the learned CIT(Appeals). 2. The assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extent u/s 14A. On appeal, the learned CIT(Appeals) agreed with the contention of the assessee that Rule 8D is not applicable to the year under consideration i.e. assessment year 2007-08 as held by Hon'ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd.234 CTR 1 and the disallowance u/s 14A, therefore, was required to be made by adopting some reasonable basis. He, however, held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mbay High Court, the learned CIT(Appeals) still held that the basis given in Rule 8D is reasonable and confirmed the disallowance made by the AO by adopting the said basis. In our opinion, this approach adopted by the learned CIT(Appeals) is untenable as the same is not in consonance with the decision of the Hon'ble jurisdictional High Court in the case of Godrej & Boyce Mfg. Co. Ltd.(supra). When ..... X X X X Extracts X X X X X X X X Extracts X X X X
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