https://www.taxtmi.com/caselaws?id=181634 The Tribunal allowed the appeal, setting aside the lower authorities' decision to disallow expenses under Rule 8D for Assessment Year 2007-08. The Tribunal held that Rule 8D was not applicable for that year, as clarified by the Bombay High Court. As no actual expenses were incurred to earn exempt income, no disallowance under sec. 14A was warranted. The Assessing Officer was directed to adjust the assessment order accordingly. en-us Fri, 22 Oct 2010 00:00:00 +0530 Wed, 20 Apr 2016 18:48:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181634 The Tribunal allowed the appeal, setting aside the lower authorities' decision to disallow expenses under Rule 8D for Assessment Year 2007-08. The Tribunal held that Rule 8D was not applicable for that year, as clarified by the Bombay High Court. As no actual expenses were incurred to earn exempt income, no disallowance under sec. 14A was warranted. The Assessing Officer was directed to adjust the assessment order accordingly. Case-Laws Income Tax Fri, 22 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181634