https://www.taxtmi.com/caselaws?id=269933 Rule 8D is prospective and applies only from assessment year 2008-09; for earlier years, section 14A disallowance must be reconsidered without Rule 8D and after hearing the assessee. Premature repayment of a deferred sales tax loan at net present value was treated as a capital receipt and not taxable under section 41(1). Deduction under section 35D cannot be denied merely because the undertaking was sold during the claim period, since the provision contains no disabling clause for such a sale. The annual value of the property was upheld at 12% of the cost of land and building, following the assessee's earlier years' treatment. en-us Wed, 28 Oct 2015 00:00:00 +0530 Tue, 08 Dec 2015 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269933 Rule 8D is prospective and applies only from assessment year 2008-09; for earlier years, section 14A disallowance must be reconsidered without Rule 8D and after hearing the assessee. Premature repayment of a deferred sales tax loan at net present value was treated as a capital receipt and not taxable under section 41(1). Deduction under section 35D cannot be denied merely because the undertaking was sold during the claim period, since the provision contains no disabling clause for such a sale. The annual value of the property was upheld at 12% of the cost of land and building, following the assessee's earlier years' treatment. Case-Laws Income Tax Wed, 28 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269933