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TMI Blog2015 (3) TMI 496X X X X Extracts X X X X X X X X Extracts X X X X ..... after holding that Rule 8D of the Rules is prospective in operation, the Tribunal abruptly or should we say arbitrarily proceeded to reduce the quantum of disallowance recorded by the Assessing Officer. Answer the question of law in favour of the revenue, allow the appeal to the limited extent of error in determining the quantum of disallowance and remit the matter to the Assessing Officer for de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. In view of averments in the applications and the statement made by counsel for the non-applicant-respondent, we allow the applications and condone delay of 07 days in filing the appeals. C.M.No.13734-CII of 2014 C.M.No.14727-CII of 2014 4. Allowed as prayed for. Income Tax Appeal No.199 of 2014 5. As Income Tax Appeal Nos.199 and 245 of 2014 raise the same substantial questions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t aside. 8. Counsel for the assessee submits that once it was held that Rule 8D of the Rules, operates prospectively, the Tribunal was fully justified in determining the quantum of disallowance. The mere fact that the Tribunal may not have assigned detailed reasons, cannot be a ground to hold that the order is contrary to law or raises any substantial questions of law. 9. We have heard couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8D operates prospectively, proceeded to reduce the quantum of disallowance without recording satisfaction or assigning any cogent reasons or referring to any relevant facts/ factors. The power to determine the quantum of disallowance, inhers the recording of satisfaction based upon relevant facts/factors. 13. A perusal of the impugned order reveals that after holding that Rule 8D of the Rules ..... X X X X Extracts X X X X X X X X Extracts X X X X
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