Case Law Details
Case Name : M/s. Global Aviation Services P. Ltd. Vs. The Asstt. Commissioner of Income-Tax (ITAT Mumbai)
Appeal Number : ITA No. 5281/Mum/2010
Date of Judgement/Order : 16/04/2012
Related Assessment Year : 2007- 08
Courts :
All ITAT ITAT Mumbai
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A.O. has applied Rule 8D holding that Rule 8D is retrospective in nature. It is now settled that Rule 8D is prospective and is applicable on and from the A.Y. 2008- 09. We direct the A.O. to recalculate the dis allowance, if any, without applying Rule 8D on the dividend income shown at Rs. 4,00,039/-. The A.O. is further directed to verify the contention of the appellant that the investments have not been made out of borrowed capital, after giving the appellant an opportunity of being heard.
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No. 5281/Mum/2010, Assessment Year: 2007- 08
M/s. Global Aviation Services P. Ltd.
Vs.
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