2015 (3) TMI 651

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..... C. This appeal by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') challenges the order dated 5 October 2012 passed by the Income Tax Appellate Tribunal (the 'Tribunal'). The impugned order is inrespect of the Assessment Year 2007-08. 2. The revenue has proposed the following question of law for our consideration: "Whether on the facts and in the ci....

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....tion to exempt income has to be made even in respect of Assessment Year prior to Assessment Year 2008-09 when Rule 8D of the Income Tax Rules, 1962 is applicable. 4. So far as the issue of disallowance of reasonable expenditure to earn exempt income is concerned, we find that the impugned order has followed its decision in case of the respondent-assessee for the Assessment Year 2005-06 where di....