https://www.taxtmi.com/caselaws?id=78448 The Bombay HC upheld the constitutional validity of Section 14A and Rule 8D of the Income Tax Act, ruling that no deduction is allowable for expenditure incurred in relation to dividend income and mutual fund income that is exempt under Section 10(33). The court held that Rule 8D applies from Assessment Year 2008-09, but prior to this, assessing officers must determine disallowable expenditure using reasonable methods. The case was remanded to the assessing officer for fresh determination of expenditure related to exempt income for Assessment Year 2002-03, with proper opportunity for the assessee to present relevant material. en-us Thu, 12 Aug 2010 00:00:00 +0530 Mon, 10 Mar 2025 15:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78448 The Bombay HC upheld the constitutional validity of Section 14A and Rule 8D of the Income Tax Act, ruling that no deduction is allowable for expenditure incurred in relation to dividend income and mutual fund income that is exempt under Section 10(33). The court held that Rule 8D applies from Assessment Year 2008-09, but prior to this, assessing officers must determine disallowable expenditure using reasonable methods. The case was remanded to the assessing officer for fresh determination of expenditure related to exempt income for Assessment Year 2002-03, with proper opportunity for the assessee to present relevant material. Case-Laws Income Tax Thu, 12 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78448