https://www.taxtmi.com/caselaws?id=250507 The HC upheld the Tribunal's decision that Rule 8D of the Income Tax Rules, 1962 applies prospectively from AY 2008-09 and is inapplicable to AY 2005-06, resulting in a ruling against Revenue. The Tribunal correctly restricted the disallowance under section 14A to 2% of the total exempt income, following the precedent in Godrej Boyce Mfg. Co. Ltd. The matter was remanded to the AO for verification of the disallowance claimed, maintaining the limitation of disallowance at 2% of exempt income. The HC affirmed the Tribunal's approach, ruling against Revenue on both points. en-us Tue, 08 Jan 2013 00:00:00 +0530 Tue, 05 Aug 2025 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250507 The HC upheld the Tribunal's decision that Rule 8D of the Income Tax Rules, 1962 applies prospectively from AY 2008-09 and is inapplicable to AY 2005-06, resulting in a ruling against Revenue. The Tribunal correctly restricted the disallowance under section 14A to 2% of the total exempt income, following the precedent in Godrej Boyce Mfg. Co. Ltd. The matter was remanded to the AO for verification of the disallowance claimed, maintaining the limitation of disallowance at 2% of exempt income. The HC affirmed the Tribunal's approach, ruling against Revenue on both points. Case-Laws Income Tax Tue, 08 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250507