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TMI Blog2018 (12) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... ssel is nothing but “offshore installations” has no merit, in the case of Matdrills of the kind put to use by the assessee - reasoning and findings of the Appellate Commissioner and the Tribunal cannot be found fault with - Decided in favour of the assessee Disallowance under Section 14A - Held that:- Supreme Court in Godrej Boyce Manufacturing Company Limited versus Deputy Commissioner of Income Tax Mumbai & Anr. [2017 (5) TMI 403 - SUPREME COURT OF INDIA] after referring to Section 14A has held that Rule 8D is in the nature of best judgment determination as it prescribes a formula for determination of the expenditure incurred in relation to income that does not form part of the total income under the Act, in a situation where the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red against the Revenue by decision of the Delhi High Court dated 8th November, 2012 in ITA 1395/2010, The Commissioner of Income Tax, New Delhi versus Jagson International Limited. 3. Appeal against the said decision is pending before the Supreme Court as Special Leave Petition has been admitted on leave being granted. Counsel for the parties submit that ruling of the Supreme Court would equally apply to the present appeal. We take the statement on record. The first issue would be treated as disposed of in terms of the said statement. In case of any difficulty, it will be open to the parties to file an application in this appeal after the decision of the Supreme Court. 4. The above order in respect of the first issue would be in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of best judgment determination as it prescribes a formula for determination of the expenditure incurred in relation to income that does not form part of the total income under the Act, in a situation where the assessing officer is not satisfied with the claim of the assessee. The jurisdictional requirement for invoking Rule 8D is recording of satisfaction by the assessing officer that having regard to the accounts of the assessee placed before him, it is not possible to generate requisite satisfaction with regard to the correctness of the claim of the assessee. It is only then that the provisions of Sub-section 2 and 3 to Section 14A read with Rule 8D of the Rules or best judgment determination can be applied. This statutory mandate is not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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