Case Law Details
Gujarat Organics Ltd. Vs ACIT (ITAT Mumbai)- The provisions of Rule 8D of the Income Tax Rules which have been notified with effect from 24 March 2008 shall apply with effect from Assessment Year 2008- 09. Even prior to Assessment Year 2008- 09, when Rule 8D was not applicable, the Assessing Officer has to enforce the provisions of sub section (1) of Section 14A.
For that purpose, the Assessing Officer is duty bound to determine the expenditure which has been incurred in relation to income which does not form part of the total income under the Act. The Assessing Officer must adopt a reasonable basis or method consistent with all the relevant facts and circumstances after furnishing a reasonable opportunity to the assessee to place all germane material on the record;
IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “G”, MUMBAI
BEFORE SHRI P.M. JAGTAP (A.M) & SHRI N.V.V ASUDEVAN(J.M)
ITA NO. 189/MUM/2010
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