https://www.taxtmi.com/caselaws?id=227255 The tribunal upheld the Commissioner of Income Tax (Appeals) decision to restrict the disallowance to Rs.10,000, rejecting the retrospective application of Rule 8D for the assessment year 2007-08. Emphasizing the authority to make disallowances under section 14A even for years preceding A.Y. 2008-09, the tribunal deemed the 6.17% disallowance reasonable based on indirect expenditure, affirming precedents where disallowances ranging from 2% to 5% were upheld. The tribunal dismissed the Revenue's appeal, supporting the lower authority's order and highlighting the importance of factual assessment in determining appropriate disallowances. en-us Wed, 13 Feb 2013 00:00:00 +0530 Tue, 23 Apr 2013 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=227255 The tribunal upheld the Commissioner of Income Tax (Appeals) decision to restrict the disallowance to Rs.10,000, rejecting the retrospective application of Rule 8D for the assessment year 2007-08. Emphasizing the authority to make disallowances under section 14A even for years preceding A.Y. 2008-09, the tribunal deemed the 6.17% disallowance reasonable based on indirect expenditure, affirming precedents where disallowances ranging from 2% to 5% were upheld. The tribunal dismissed the Revenue's appeal, supporting the lower authority's order and highlighting the importance of factual assessment in determining appropriate disallowances. Case-Laws Income Tax Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=227255