https://www.taxtmi.com/caselaws?id=311676 The Tribunal allowed the appeal, setting aside the orders of the lower authorities regarding the retrospective application of Rule 8D and disallowance of expenses under section 14A of the Income Tax Act. It remanded these issues to the AO for reconsideration in line with the Hon'ble Bombay HC's decision. The levy of interest under sections 234B/C/D was deemed consequential and mandatory. The initiation of penalty proceedings under section 271(1)(c) was considered premature, with no findings provided. The case was remanded for statistical purposes. en-us Tue, 29 Mar 2011 00:00:00 +0530 Mon, 08 Jan 2024 13:24:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311676 The Tribunal allowed the appeal, setting aside the orders of the lower authorities regarding the retrospective application of Rule 8D and disallowance of expenses under section 14A of the Income Tax Act. It remanded these issues to the AO for reconsideration in line with the Hon'ble Bombay HC's decision. The levy of interest under sections 234B/C/D was deemed consequential and mandatory. The initiation of penalty proceedings under section 271(1)(c) was considered premature, with no findings provided. The case was remanded for statistical purposes. Case-Laws Income Tax Tue, 29 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311676