The Commissioner Of Income Tax – 10, Mumbai v. M/S.citicorp Finance (I) Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.870 OF 2012 The Commissioner of Income Tax – 10, Mumbai..Appellant. Versus M/s.Citicorp Finance (I) Limited ..Respondent. Mr.Tejveer Singh for the appellant.Mr.B.D. Damodar i/by Kanga & Company for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 5[th] February 2013 P.C. : 1.In this appeal by the Revenue for assessment year 2004-2005, following question of law has been proposed for our consideration. “Whether, on the facts and in the circumstances of the case and in law, the Tribunal is justified in holding that Rule 8D cannot be applied retrospectively and accordingly restoring the matter to the file of the AO, relying on the decision of Hon'ble Bombay High Court in case of M/s.Godrej & Boyce Mrg. Co. Limited 328 ITR 81 wherein the Hon'ble High Court has observed that Rule 8D cannot be applied retrospectively, without appreciating the fact that their Lordships had upheld the contentions of the Union of India that Rule 8D is reasonable in its nature ?” matter to the file of the assessing officer to examine disallowance under Section 14A after considering the decision of this Court in the case of Godrej & Boyce Manufacturing Company Limited V/s. Deputy Commissioner of Income Tax reported in (2010) 328 ITR 81 (Bom), we see no reason to entertain the proposed question of law. 3.The appeal is accordingly dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)