https://www.taxtmi.com/caselaws?id=233531 ITAT MUMBAI set aside lower orders and held that for an assessment year prior to A.Y. 2008-09 Rule 8D is not to be applied; disallowance under s.14A for proportionate finance charges must be worked out by the AO on a reasonable basis and the matter was restored for quantification. The Tribunal also held that the s.14A disallowance cannot be added to book profit under s.115JB unless the expenditure was actually debited to the profit and loss account, and therefore cannot be imported into the book profit computation. en-us Fri, 29 Jul 2011 00:00:00 +0530 Thu, 21 Aug 2025 15:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233531 ITAT MUMBAI set aside lower orders and held that for an assessment year prior to A.Y. 2008-09 Rule 8D is not to be applied; disallowance under s.14A for proportionate finance charges must be worked out by the AO on a reasonable basis and the matter was restored for quantification. The Tribunal also held that the s.14A disallowance cannot be added to book profit under s.115JB unless the expenditure was actually debited to the profit and loss account, and therefore cannot be imported into the book profit computation. Case-Laws Income Tax Fri, 29 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233531