https://www.taxtmi.com/caselaws?id=391487 The High Court of Bombay dismissed the appeal after addressing all three issues raised by the revenue. The Court clarified that Rule 8D of the Income Tax Rules, 1962 is not applicable to assessments before AY 2008-09, following the decision in Commissioner of Income Tax-5 Mumbai vs. Essar Teleholdings Ltd. The Court also held that section 115JB of the Income Tax Act, 1961 applies to companies required to prepare profit & loss accounts as per Part-II & III of Schedule VI of the Companies Act, 1956. Additionally, the Court confirmed the retroactive effect of the amendment to section 115JB, leading to the dismissal of the appeal. en-us Thu, 23 Jan 2020 00:00:00 +0530 Thu, 30 Jan 2020 10:12:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391487 The High Court of Bombay dismissed the appeal after addressing all three issues raised by the revenue. The Court clarified that Rule 8D of the Income Tax Rules, 1962 is not applicable to assessments before AY 2008-09, following the decision in Commissioner of Income Tax-5 Mumbai vs. Essar Teleholdings Ltd. The Court also held that section 115JB of the Income Tax Act, 1961 applies to companies required to prepare profit & loss accounts as per Part-II & III of Schedule VI of the Companies Act, 1956. Additionally, the Court confirmed the retroactive effect of the amendment to section 115JB, leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391487