https://www.taxtmi.com/caselaws?id=207952 The High Court upheld the Income Tax Appellate Tribunal's decision to quash the Commissioner of Income Tax's order under Section 263 of the Income Tax Act for the assessment year 2005-06. The Tribunal's ruling was based on the retrospective nature of Rule 8D and the correct application of depreciation for computer peripherals. The Court emphasized the need for disallowance under Section 14A for earning exempt income and directed the Assessing Officer to reevaluate the usage duration of computer peripherals and issue a new order in line with the Court's directives, ruling against the Assessee and in favor of the Revenue. en-us Mon, 19 Dec 2011 00:00:00 +0530 Thu, 29 Dec 2011 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207952 The High Court upheld the Income Tax Appellate Tribunal's decision to quash the Commissioner of Income Tax's order under Section 263 of the Income Tax Act for the assessment year 2005-06. The Tribunal's ruling was based on the retrospective nature of Rule 8D and the correct application of depreciation for computer peripherals. The Court emphasized the need for disallowance under Section 14A for earning exempt income and directed the Assessing Officer to reevaluate the usage duration of computer peripherals and issue a new order in line with the Court's directives, ruling against the Assessee and in favor of the Revenue. Case-Laws Income Tax Mon, 19 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207952