2014 (8) TMI 457

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..... appeal relates to AY 2005-06 - the Tribunal correctly held that Rule 8D of the Income Tax Rules, 1962 is inapplicable for the AY under consideration – Decided against Revenue. Restriction of disallowance @2% of exempted income - Held that:- The Tribunal while applying the decision in Godrej & Boyce Mfg. Co. Ltd. [2010 (8) TMI 77 - BOMBAY HIGH COURT] has disallowed the expenditure only to the ex .....

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..... Tribunal the following questions have been formulated for consideration of this court. a) Whether on the facts and in the circumstances of the case and in law, the ITAT was correct in holding that the CIT(A) was not justified in applying the said Rule 8D to quantity the disallowance u/s. 14A? b) Whether on the facts and in the circumstances of the case and in law, the ITAT was correct in re .....

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..... tly held that Rule 8D of the Income Tax Rules, 1962 is inapplicable for the Assessment year under consideration. In view of the above,we see no reason to entertain question (a) as formulated by the revenue. 4. So far as question (b) is concerned, the Tribunal in its impugned order dated 17.09.2010 while applying the decision of this court in the matter of Godrej (Supra) has disallowed the expen .....

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