If there is no loss to revenue then there would be no Disallowance and Rule 8D is not applicable for A.Y. 2007-08

Addl. CIT Vs. M/s Abhishek Industries Limited ( ITAT Chandigarh), ITA No.756/Chd/2014, Asstt Year : 2007-08, Date of Decision : 27.10.2015 Both cross appeal are raised against the order of CIT(A) – II, Ludhiana dt. 09.06.2014 for the Assessment year 2007-08. ITA No.651/Chd/2014 Brief Of The Case In the case of M/s Trident Limited vs. The Addl. CIT, Assessee raised three matters in its appeal and out of three two were sent to back to the file of the assessing officer for revision of evaluation. On Ground No. 1 i.e. objection against the order of CIT (A) for disallowance of financial expense ...