https://www.taxtmi.com/caselaws?id=191618 Rule 8D was held inapplicable to assessment years prior to 2008-09 because it operates prospectively, so disallowance under section 14A had to be examined without that method. Where the assessee showed sufficient own funds and internal accruals, the interest-related disallowance was reduced for one year, while the 5% disallowance of administrative and managerial against exempt income was sustained. Book profit under section 115JB was directed to be recomputed consequentially after the revised section 14A disallowance, and the treatment of provision for doubtful debts was upheld. Disallowance relating to leasehold premium amortisation and opening written down value was maintained. en-us Fri, 05 Sep 2014 00:00:00 +0530 Sun, 09 Apr 2017 10:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191618 Rule 8D was held inapplicable to assessment years prior to 2008-09 because it operates prospectively, so disallowance under section 14A had to be examined without that method. Where the assessee showed sufficient own funds and internal accruals, the interest-related disallowance was reduced for one year, while the 5% disallowance of administrative and managerial against exempt income was sustained. Book profit under section 115JB was directed to be recomputed consequentially after the revised section 14A disallowance, and the treatment of provision for doubtful debts was upheld. Disallowance relating to leasehold premium amortisation and opening written down value was maintained. Case-Laws Income Tax Fri, 05 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191618