2012 (10) TMI 1142

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....akesh Ranjan ORDER P. M. Jagtap (Accountant Member) This appeal filed by the assessee is directed against the order of learned CIT(Appeals)-8, Mumbai dated 14-05-2010 and the solitary issue arising out of the same relates to the addition of Rs. 6,99,140/- made by the AO and confirmed by the learned CIT(Appeals) on account of disallowance u/s 14A read with Rule 8D of Income-tax Rules, 1962....

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....A. On appeal, the learned CIT(Appeals) confirmed the said disallowance made by the AO relying on the decision of Special Bench of ITAT in the case of Daga Capital Management P. Ltd. 117 ITD 169 (Mum.)(S.B.) wherein it was held that Rule 8D shall apply retrospectively. Aggrieved by the order of the learned CIT(Appeals), the assessee has preferred this appeal before the Tribunal. 3. We have heard....