disallowance was made under Rule 8D(2)(i) and
Rule 8D(2)(ii). The assessee has filed cross objection against the
findings ... aggrieved as no disallowance was made
under Rule 8D(2)(i) and Rule 8D(2)(ii).
3.13. In regard to the computation of book profit
Finance Act of 2006 with effect from 1 April
2007. Rule 8D of the Income Tax Rules prescribes the method for
determining the expenditure incurred ... Assessing Officer
is not satisfied with the claim of the assessee. Rule 8D was notified
in the Official Gazette of 24 March 2008. By Section
Rule 8D of the Income Tax Rules disallowed the
sum of `52,56,197/- under Section 14A read with Rule 8D. The
assessee ... Rules is to be made.
ITA117-15 Page 4
13. We need not, therefore, go on to sub Rule (2) to Rule
8D
below: -
i) Under Rule 8D(2)(1) 4,219/-
ii) Under Rule 8D(2)(ii) 6,04,86,540/-
iii) Under Rule 8D ... administrative expenses disallowable under Rule
8D(2)(iii) of I.T. Rules, we agree that Rule 8D is applicable in the case of
the assessee
Rule 8D, required the assessee to furnish various details of
dividend income and expenses attributable for earning such dividend
income and why Rule 8D should ... Rule 8D. Revenue is agitating the order of the
Ld.CIT(A) in restricting the disallowance u/s 14A r.w. Rule 8D while
computing
Rule 8D of the Rules. This
pre-condition and stipulation as noticed below is also mandated in sub Rule
(1) to Rule 8D ... Rule 8D of the Rules is to be made.
13. We need not, therefore, go on to sub Rule (2) to Rule 8D
Rules’) which Rule was inserted w.e.f. March 24, 2008
vide Income Tax (Fifth Amendment) Rules, 2008 4. We, thus, reproduce
Rule 8D hereunder ... investment even the disallowance under rule 8D would be nil as rule
8D(2)(i) would be confined to direct expenses for earning
Rule 19-A was ultra vires the Constitution.
Rules 8D and 19B:
17. Rules 8D and 19B were introduced ... said Rules
by Government Order No. 214. dated 10th June, 1992. The two
rules are identical, except that Rule 8D is in Section 11
which
argument is accepted that Rule 8D is
retrospective, which rule shall hold the field, whether Rule
8D as inserted ... Rule 8D which was inserted by notification dated
24.03.2008. Rule 1 subrule (2) provides as under:
“1. (1) These rules may be called
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O/TAXAP/603/2013 ORDER
provisions of Rule 8D were applicable prospectively and not
retrospectively?
(iii) Whether the assessing officer ... computed as per Rule 8D of the I.T. Rules, as under :
As per Rule 8D(2):
i) Direct amount of expenditure NIL
relating
