https://www.taxtmi.com/caselaws?id=269984 The High Court of Bombay dismissed the Revenue's appeal challenging the disallowance under Rule 8D(2) read with Section 14A of the Income Tax Act for the Assessment Year 2007-08. The Court upheld the Tribunal's decision to rely on the precedent set in "Godrej & Boyce Mfg. Co. Ltd. VS. DCIT" and rejected the Revenue's arguments. Additionally, the Court affirmed the Tribunal's ruling on the claim of rebate under Section 88E, emphasizing the consistency in decisions and the lack of fault in the assessee's expense allocation method. The appeal was dismissed as no substantial questions of law were raised. en-us Mon, 23 Nov 2015 00:00:00 +0530 Fri, 25 Dec 2015 10:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269984 The High Court of Bombay dismissed the Revenue's appeal challenging the disallowance under Rule 8D(2) read with Section 14A of the Income Tax Act for the Assessment Year 2007-08. The Court upheld the Tribunal's decision to rely on the precedent set in "Godrej & Boyce Mfg. Co. Ltd. VS. DCIT" and rejected the Revenue's arguments. Additionally, the Court affirmed the Tribunal's ruling on the claim of rebate under Section 88E, emphasizing the consistency in decisions and the lack of fault in the assessee's expense allocation method. The appeal was dismissed as no substantial questions of law were raised. Case-Laws Income Tax Mon, 23 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269984