2011 (12) TMI 662

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..... B.R. MITTAL, JM : The assessee has filed this appeal for assessment year 2007-08 against order of Ld. CIT(A) dt. 24.5.2010 on following ground: "The Ld. CIT(A) erred in law and facts of the case while confirming the disallowance of ₹ 81,03,631/- u/s. 14A of the Act. The Ld. CIT(A) was not justified in rejecting the assessee's contention that the said expenses were incurred during the norm .....

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..... . Rule is prospective in nature and is applicable from assessment year 2008-09. In view of above, we set aside the orders of authorities below and restore the matter to AO with a direction to re-decide the disallowance to be made, if any, in respect of exempted income after giving due opportunity of hearing to assessee and considering such evidences as may be filed as per law. Therefore ground of .....

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