Operation of Rule 8D only from 2008-09 onwards

The matter came up in appeal before ITAT in the assessee’s own case and other cases in ITAs No. 453,454,456/M/2010 & 458 & 455/M/2010. During the continuance of these appeals, Hon’ble Bombay High Court came up with the decision in Godrej & Boyce Manufacturing Co. Ltd. V/s DCIT, reported in 328 ITR 81 (Bom), wherein the Hon’ble Bombay High Court held that the operation of Rule 8D shall only be from 2008-09 onwards, and not being retrospective. INCOME TAX APPELLATE TRIBUNAL,MUMBAI I.T.A. No.4346/Mum/2011 – (A.Y. 2007-08) DCIT Vs.  Shri Shanti Sarup Reniwal   Date of pr...