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TMI Blog2015 (3) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... yce Mfg. Co. Ltd. (2010 (8) TMI 77 - BOMBAY HIGH COURT) reasonable disallowance of expenditure in relation 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 - Held that:- So far as the issue of disallowance of reasonable expenditure to earn exempt income is concerned, we find that the impugne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 circumstance of the case and in law, the Tribunal was justified rejecting the computation of disallowance of interest made by the AO as per Rule 8D, whereas this Court in Godrej ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 disallowance was limited to 2% of the exempt income and the same was held to be fair and reasonable. The revenue being aggrieved by the order of the Tribunal in case of responde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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