https://www.taxtmi.com/caselaws?id=236536 The Tribunal held that Rule 8D cannot be applied retrospectively for assessment years before 2008-2009 and limited the disallowance under Section 14A to 2% of the exempt income. Regarding the deduction under Section 10A, insurance and telecommunication expenses incurred in local currency within India should not be excluded from the Export Turnover. The Tribunal upheld the CIT(A)'s decisions on these matters across the relevant assessment years. The final order dismissed Revenue's appeals for AY 2005-2006 and AY 2006-2007, partly allowed Revenue's appeal for AY 2007-2008, and partly allowed Assessee's appeals for AY 2005-2006 and AY 2006-2007. Assessee's Cross Objections for AY 2006-2007 and AY 2007-2008 were dismissed. en-us Wed, 03 Jul 2013 00:00:00 +0530 Sat, 31 Aug 2013 08:15:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236536 The Tribunal held that Rule 8D cannot be applied retrospectively for assessment years before 2008-2009 and limited the disallowance under Section 14A to 2% of the exempt income. Regarding the deduction under Section 10A, insurance and telecommunication expenses incurred in local currency within India should not be excluded from the Export Turnover. The Tribunal upheld the CIT(A)'s decisions on these matters across the relevant assessment years. The final order dismissed Revenue's appeals for AY 2005-2006 and AY 2006-2007, partly allowed Revenue's appeal for AY 2007-2008, and partly allowed Assessee's appeals for AY 2005-2006 and AY 2006-2007. Assessee's Cross Objections for AY 2006-2007 and AY 2007-2008 were dismissed. Case-Laws Income Tax Wed, 03 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236536