https://www.taxtmi.com/caselaws?id=217458 The ITAT's judgment was modified to align with the overruling of the Special Bench judgment by the Jurisdictional High Court. The High Court clarified that the Assessing Officer must determine expenditure related to exempt income even without the applicability of Rule 8D. The ITAT emphasized the retrospective effect of judicial decisions and the need for Assessing Officers to calculate disallowances under Section 14A based on reasonable grounds and relevant material. The decision highlights the Tribunal's duty to rectify errors and uphold justice in applying legal principles. en-us Fri, 27 Jul 2012 00:00:00 +0530 Mon, 15 Oct 2012 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217458 The ITAT's judgment was modified to align with the overruling of the Special Bench judgment by the Jurisdictional High Court. The High Court clarified that the Assessing Officer must determine expenditure related to exempt income even without the applicability of Rule 8D. The ITAT emphasized the retrospective effect of judicial decisions and the need for Assessing Officers to calculate disallowances under Section 14A based on reasonable grounds and relevant material. The decision highlights the Tribunal's duty to rectify errors and uphold justice in applying legal principles. Case-Laws Income Tax Fri, 27 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217458