https://www.taxtmi.com/caselaws?id=370717 The High Court clarified that Rule 8D of the Income Tax Rules for calculating expenses under Section 14A of the Income Tax Act applied prospectively, not retrospectively for the assessment year 2006-07. The Court upheld the Tribunal's decision to restrict the disallowance under Section 14A to Rs. 5 lakhs, as no substantial question of law arose, dismissing the appeals. en-us Mon, 29 Oct 2018 00:00:00 +0530 Thu, 22 Nov 2018 07:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370717 The High Court clarified that Rule 8D of the Income Tax Rules for calculating expenses under Section 14A of the Income Tax Act applied prospectively, not retrospectively for the assessment year 2006-07. The Court upheld the Tribunal's decision to restrict the disallowance under Section 14A to Rs. 5 lakhs, as no substantial question of law arose, dismissing the appeals. Case-Laws Income Tax Mon, 29 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370717