Mumbai High Court says Rule 8D applicable from Assessment Year 2008-09 only !

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Section 14A of the I T. Act is regarding disallowance of expenditure incurred on the income which is exempt from tax . The bone of contention between taxpayer and income tax department is mainly on the issue of expense on earning of dividend income . While the assessee claims that no expenditure was incurred for earning tax free dividend income, whereas the Assessing Officer apportion the total expense debited in P & L account in the proportion of total income . The government later on notified the Rule 8D for computation of such disallowance u/s 14A

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