Applying rule 8D without considering correctness of claim of expenditure incurred in relation to exempt income is untenable

PCIT Vs Godrej & Boyce Mfg. Co. Ltd (Bombay High Court)

Bombay High Court held that provision u/s 14(2) of the Income Tax Act does not empower the AO to apply Rule 8D straightaway without considering the correctness of the assessee’s claim in respect of expenditure incurred

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