Any sec of the IT Act 1961 cannot be applied before the date in which it came into existence
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Facts in brief are that the AO during the assessment proceedings noticed that the assessee had earned dividend income of Rs.14,16,221/- which was exempt from tax but the assessee had not disallowed any expenses relating to said income. He, therefore, computed disallowance relating to exempt income under rule 8D at Rs.3,01,337/- which in appeal was confirmed by the CIT(A) aggrieved by which assessee is in appeal before the Tribunal.
Citation :
M/s. Prakash Securities Private Limited,2, Vivek Tilak Road,Ghatkopar (E),Mumbai-400 077 PAN NO: AAACP 2401 K (Appellant) Vs.Asst. Comm. of Income Tax- Range 2 (2),Mumbai(Respondent)
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CS Bijoy
Published in Income Tax
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