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2018 (7) TMI 1029 - SCH - Income TaxExemption of income u/s 14A - as argued by learned ASG that the High Court has wrongly applied Rule 8D of the Income Tax Rules 1962 inasmuch as as per the Judgment of this Court in Godrej & Boyce Manufacturing Co. Ltd. (2017 (5) TMI 403 - SUPREME COURT OF INDIA the said rule has prospective application w.e.f. 01.04.2008 and the assessment year in question is 2002-03 - Held that - We permit the petitioner to approach the High Court in the first instance and point the aforesaid aspect by filing a review petition. If the review petition is filed within a period of one month from today the same shall be entertained on merits and shall not be dismissed on the ground of delay. In case the order in review petition is passed against the petitioner the petitioner shall be at liberty to challenge that order as well as the order impugned in these petitions.
The Supreme Court condoned the delay and allowed the petitioner to file a review petition regarding the application of Rule 8D of the Income Tax Rules, 1962. The Rule was found to have prospective application from 01.04.2008, while the assessment year in question was 2002-03. The petitioner was permitted to challenge any unfavorable review petition outcome. Special Leave Petitions were disposed of.
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