https://www.taxtmi.com/caselaws?id=240313 The judgment concluded that Rule 8D does not have retrospective application and does not apply to the assessment year in question, based on the decision in Maxopp Investment Limited versus Commissioner of Income Tax. It also highlighted factual inaccuracies in the disallowance made by the Assessing Officer and noted that the total disallowance would be reduced by accurately applying Rule 8D, which would be against the revenue's interest. Despite clear factual findings, the Revenue's appeal was dismissed by the tribunal and subsequently by the High Court for lack of merit. en-us Wed, 23 Oct 2013 00:00:00 +0530 Sat, 30 Nov 2013 05:48:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240313 The judgment concluded that Rule 8D does not have retrospective application and does not apply to the assessment year in question, based on the decision in Maxopp Investment Limited versus Commissioner of Income Tax. It also highlighted factual inaccuracies in the disallowance made by the Assessing Officer and noted that the total disallowance would be reduced by accurately applying Rule 8D, which would be against the revenue's interest. Despite clear factual findings, the Revenue's appeal was dismissed by the tribunal and subsequently by the High Court for lack of merit. Case-Laws Income Tax Wed, 23 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240313