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TMI Blog2014 (4) TMI 1301X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court in in Birla Corporation Limited Versus Commissioner of Income Tax-II, Kolkata [ 2014 (2) TMI 1032 - CALCUTTA HIGH COURT ] has held the applicability of Rule 8D is prospective . At the outset, assessee fairly stated that the Tribunal is taking a consistent view as regards the disallowance u/s. 14A of the Act that 1% is to be disallowed of the exempted income. Tribunal Kolkata Bench ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by DCIT, Circle-1, Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as the Act ) for Assessment Years 2001-02 and 2004-05 and u/s. 143(3)/115JB of the Act for AY 2005-06 vide his separate orders dated 26.03.2004, 28.12.2006 and 19.12.2007 respectively. 2. These matters are set aside to Tribunal by Hon ble High Court vide Their order passed in ITA No.282 of 2009 dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act that 1% is to be disallowed of the exempted income. The Tribunal Kolkata Bench has also confirmed the same in many cases, one of the same is in the case of Select Products Pvt. Ltd. Vs. ITO, ITA No. 294/Kol/2012 for AY 2006-07 vide order dated 31.03.2014. Hence, we diect the AO to recompute the disallowance by restricting at 1% of the exempted income for AY 2001-02 on Rs.31,22,483/-, for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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