https://www.taxtmi.com/caselaws?id=359177 The appeals centered on the application of Circular No. 5/2014 of CBDT and the Special Bench of ITAT, Mumbai's decision on Rule 8D. The Cooperative Bank, with investments in shares and bonds generating exempt dividend income, faced disallowance under Section 14A. The CIT ruled in favor of the bank, stating Section 14A did not apply without dividend income. The Tribunal upheld this decision, rejecting retrospective application of Rule 8D. The Supreme Court affirmed that Rule 8D operates prospectively from 2008-09, leading to the dismissal of the revenue's appeals seeking retrospective application. en-us Wed, 18 Apr 2018 00:00:00 +0530 Mon, 01 Oct 2018 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359177 The appeals centered on the application of Circular No. 5/2014 of CBDT and the Special Bench of ITAT, Mumbai's decision on Rule 8D. The Cooperative Bank, with investments in shares and bonds generating exempt dividend income, faced disallowance under Section 14A. The CIT ruled in favor of the bank, stating Section 14A did not apply without dividend income. The Tribunal upheld this decision, rejecting retrospective application of Rule 8D. The Supreme Court affirmed that Rule 8D operates prospectively from 2008-09, leading to the dismissal of the revenue's appeals seeking retrospective application. Case-Laws Income Tax Wed, 18 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359177