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TMI Blog2023 (3) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 36(1)(viia)(a) would stand attracted in the case on hand and the said provision was given effect to from the assessment year 2000-01. The decision in the case of Tamilnadu Industrial Investment Corporation Limited was challenged by the revenue before the Hon ble Supreme Court and the Special Leave Petition was dismissed as reported [ 2019 (7) TMI 408 - SC ORDER ] Decided in favour of assessee. Disallowance u/s 14A r.w.r. 8D - HELD THAT:- As relying on Dhansar Engineering Co. (P) Ltd. case [ 2021 (12) TMI 824 - CALCUTTA HIGH COURT ] the procedure under Rule 8D of the Income Tax Rules, 1962 was held to be prospective in operation and not retrospective. Thus, the substantial questions of law nos.2 and 3 are answered in favour of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicable for the assessment year 2003-2004? 3. Whether the Tribunal below committed substantial error of law in directing the Assessing Officer to decide disallowance under section 14A of the Income-tax Act as per Rules 8D of the Incometax Rules 1962 without arriving at any finding that the claims of the appellant as regards expenditure incurred in relation to tax free interest income was not correct ? 4. Whether the Tribunal below committed substantial error of law in holding that only provision for ascertained liability/expense was not to be added back in computation of book profit under section 115JB and that the deduction in the appellant s case in respect of provisions for bad and doubtful debts, standard assets, depreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, be allowed to in any of the two consecutive assessment years commencing on or after 1st April, 2003 and ending before 1st April, 2005, deduction in respect of any provision made by it for any assets classified by the Reserve Bank of India as doubtful assets or loss assets in accordance with the guidelines issued by it in this behalf, of an amount exceeding 10% of such assets shows in the books of account of such institution or corporation, as the case may be, on the last day of the previous year. Thus, the Court held that the proviso carves out an exception from the stipulation in sub-clause(c), otherwise the use of the expression at its option would lose its significance. The said decision would squarely apply to the case on hand and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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