https://www.taxtmi.com/caselaws?id=751425 HC dismissed the revenue appeal. It held Rule 8D prospective per SC precedent and could not be applied to years before AY 2008-09, resulting in deletion of the s.14A addition relating to exempt-income expenditure. The HC also upheld the ITAT's deletion of additions on interest, finding no error in allowing the assessee, being a State Financial Corporation, to account for recovery of interest on bad debts on a cash basis under s.43D. The court declined remand, concluding the Tribunal's factual findings were supported by the record and against the revenue. en-us Tue, 09 Apr 2024 00:00:00 +0530 Mon, 08 Sep 2025 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751425 HC dismissed the revenue appeal. It held Rule 8D prospective per SC precedent and could not be applied to years before AY 2008-09, resulting in deletion of the s.14A addition relating to exempt-income expenditure. The HC also upheld the ITAT's deletion of additions on interest, finding no error in allowing the assessee, being a State Financial Corporation, to account for recovery of interest on bad debts on a cash basis under s.43D. The court declined remand, concluding the Tribunal's factual findings were supported by the record and against the revenue. Case-Laws Income Tax Tue, 09 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751425