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TMI Blog2013 (12) TMI 1579X X X X Extracts X X X X X X X X Extracts X X X X ..... luded by the Hon’ble Bombay High Court in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT, reported in (2010 (8) TMI 77 - BOMBAY HIGH COURT ) Bom). Ppercentage of the exempt income can constitute a reasonable estimate for making disallowance in the years earlier to the assessment year 2008-09 - I.T.A. No.8006/M/2010 - - - Dated:- 6-12-2013 - SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icable for AY 2007-2008. 3. The CIT (A) erred in concluding that there was nothing wrong to make disallowance based on the method prescribed under Rule 8D even though Rule 8D was not applicable to the relevant year. 4. The CIT (A) erred in ignoring the fact that firstly AO has to give his finding having regard to the account of the assessee that he is not satisfied with the correctness of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bogi, Ld Counsel for the assessee brought our attention to the judgment of the Hon ble Bombay High Court in the case of CIT vs. M/s. Godrej Agrovet Ltd vide Income Tax Appeal No. 934 of 2011, dated 8.1.2013 and mentioned that the in view of the above mentioned judgment of the, the ITAT has taken the view that the disallowance u/s 14A should be restricted to 2% of the dividend income. Ld Counsel a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me can constitute a reasonable estimate for making disallowance in the years earlier to the assessment year 2008-09. The relevant portion of the said judgment of the Bombay High Court (supra) reads as under: 4. So far as question (b) is concerned, the Tribunal in its impugned order dated 17.9.2010 while applying the decision of this court in the matter of Godrej (supra) has disallowed the expe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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