https://www.taxtmi.com/caselaws?id=206906 The court ruled that expenditure for acquiring and retaining a controlling interest in shares of operating companies, including interest paid on borrowed funds, is not deductible under section 14A of the Income Tax Act. Sub-sections (2) and (3) of section 14A do not apply retrospectively and Rule 8D is also not retrospective, applying only from its introduction date. The appeals by the assessees were sent back for re-computation without applying Rule 8D for years before 2008-09, while the revenue's appeals were directed to follow the same procedure. en-us Fri, 18 Nov 2011 00:00:00 +0530 Fri, 02 Dec 2011 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206906 The court ruled that expenditure for acquiring and retaining a controlling interest in shares of operating companies, including interest paid on borrowed funds, is not deductible under section 14A of the Income Tax Act. Sub-sections (2) and (3) of section 14A do not apply retrospectively and Rule 8D is also not retrospective, applying only from its introduction date. The appeals by the assessees were sent back for re-computation without applying Rule 8D for years before 2008-09, while the revenue's appeals were directed to follow the same procedure. Case-Laws Income Tax Fri, 18 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206906