Tribunal rectifies order on assessment year, rules against re-computation under Rule 8D. The Tribunal rectified a mistake in an order regarding an assessment year. The Tribunal had directed the Assessing Officer to re-compute expenses ...
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Tribunal rectifies order on assessment year, rules against re-computation under Rule 8D.
The Tribunal rectified a mistake in an order regarding an assessment year. The Tribunal had directed the Assessing Officer to re-compute expenses according to Rule 8D based on a decision by the Bombay High Court. However, as Rule 8D was effective from 01-04-2007, the assessee argued against re-adjudication. The Tribunal agreed, expunging the lines restoring the issue to the Assessing Officer. The assessee's application was allowed, and the order was pronounced on 24/06/2011.
Issues involved: Miscellaneous application against the order of ITAT Chennai regarding assessment year 2005-06.
Summary: The assessee filed a miscellaneous application against the ITAT Chennai's order for the assessment year 2005-06. The Tribunal had considered the decision of the Bombay High Court in the case of Godrej Boyce and had directed the Assessing Officer to re-compute the quantum of expenses in accordance with Rule 8D. However, since Rule 8D came into effect from 01-04-2007, the assessee argued that the issue should not have been restored to the Assessing Officer for re-adjudication. The Tribunal rectified the mistake and expunged the lines restoring the issue to the Assessing Officer. The assessee's application was allowed, and the order was pronounced on 24/06/2011.
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