https://www.taxtmi.com/caselaws?id=366416 The Tribunal held that the assessing officer has discretion in determining the disallowance of expenditure related to exempted income and is not obligated to blindly apply Rule 8D of the Income Tax Rules, 1962. It emphasized that Rule 8D should be a last resort and that the assessing officer's decision-making process should be objective. The Commissioner's intervention under section 263 was deemed unwarranted, as the assessing officer's decision was within the legal framework and supported by relevant judicial precedents, including the Supreme Court's ruling in the Godrej and Boyce Manufacturing Company case. en-us Thu, 19 Jul 2018 00:00:00 +0530 Tue, 04 Sep 2018 08:14:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366416 The Tribunal held that the assessing officer has discretion in determining the disallowance of expenditure related to exempted income and is not obligated to blindly apply Rule 8D of the Income Tax Rules, 1962. It emphasized that Rule 8D should be a last resort and that the assessing officer's decision-making process should be objective. The Commissioner's intervention under section 263 was deemed unwarranted, as the assessing officer's decision was within the legal framework and supported by relevant judicial precedents, including the Supreme Court's ruling in the Godrej and Boyce Manufacturing Company case. Case-Laws Income Tax Thu, 19 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366416