https://www.taxtmi.com/caselaws?id=185478 The appeal by the revenue challenging the deletion of addition under section 14A of the Income Tax Act was partly allowed. The CIT(A) had initially deleted the addition, but the Tribunal directed the Assessing Officer to restrict the disallowance under section 14A to 1% of total exempt income, based on previous decisions. This decision followed the Hon'ble Bombay High Court's ruling on the prospective applicability of Rule 8D from the assessment year 2008-09. en-us Mon, 13 Feb 2012 00:00:00 +0530 Sat, 13 Aug 2016 13:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185478 The appeal by the revenue challenging the deletion of addition under section 14A of the Income Tax Act was partly allowed. The CIT(A) had initially deleted the addition, but the Tribunal directed the Assessing Officer to restrict the disallowance under section 14A to 1% of total exempt income, based on previous decisions. This decision followed the Hon'ble Bombay High Court's ruling on the prospective applicability of Rule 8D from the assessment year 2008-09. Case-Laws Income Tax Mon, 13 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185478