https://www.taxtmi.com/caselaws?id=297904 The Tribunal dismissed the revenue's appeal against the Commissioner of Income-tax (Appeals) order adding Rs. 23,75,000/- u/s 14A of the Income Tax Act read with rule 8D for Assessment Year 2006-07. The Bombay High Court held Rule 8D applicable only from Assessment Year 2008-09, rejecting the Special Bench of ITAT's decision. The Tribunal upheld the CIT(A)'s deletion of the disallowance, citing the appellant's sufficient funds for investments and lack of interest expenses on the amount. The revenue's dissatisfaction with the assessee's disallowance working was not proven, leading to the Tribunal's dismissal of the appeal. en-us Fri, 22 Oct 2010 00:00:00 +0530 Wed, 29 Sep 2021 15:52:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297904 The Tribunal dismissed the revenue's appeal against the Commissioner of Income-tax (Appeals) order adding Rs. 23,75,000/- u/s 14A of the Income Tax Act read with rule 8D for Assessment Year 2006-07. The Bombay High Court held Rule 8D applicable only from Assessment Year 2008-09, rejecting the Special Bench of ITAT's decision. The Tribunal upheld the CIT(A)'s deletion of the disallowance, citing the appellant's sufficient funds for investments and lack of interest expenses on the amount. The revenue's dissatisfaction with the assessee's disallowance working was not proven, leading to the Tribunal's dismissal of the appeal. Case-Laws Income Tax Fri, 22 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297904