Rule 8D not applicable to Assessment years prior to the year in which Rule 8D comes in to force

Dipajyoti Resources Pvt. Ltd. Vs. ITO (ITAT Kolkata)- After hearing the rival submissions and on careful perusal of materials available on record keeping in view of the fact that since the assessment year involved in this appeal is relating to A.Yr. 2004-05 as per the decision of the Hon’ble Bombay High Court in the case of Godrej and Boyce Mfg. Pvt. Ltd. (supra) relied upon by the ld. Counsel for the assessee, Rule 8D is not applicable in the assessment year under consideration. This Tribunal has been taking a consistent view of sustaining the disallowance u/s 14A at 1% of the dividend inc...