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October, 09th 2013
                     ,                  `'          

          ..  ,        ,                                  

                       ./I.T.A. No.7156/Mum/2010
                     (   / Assessment Years:2007-08)

     Kaveri Impex P.Ltd.,            /        Asstt. Commissioner of Income
     115, Creative Indust rial       Vs.      Tax ­ 6(2),
     Estate,                                  Ayakar Bhavan,
     72, N.M.Joshi Marg,                      M.K.Road,
     Mumbai-400011                            Mumbai-400020

           . /   . /PAN/GIR No. : AAACK6332N
      ( /Appellant)  ..    (  / Respondent)

              / Appellant by              :    Shri Nitish Nigam
                /Respondent by :               Shri Surendra Kumar

                  / Date of Hearing
                                                         : 23.9.2013
                 /Dat e of Pronouncement : 23.9.2013

                                     / O R D E R
Per B.R.Mittal, JM:

        The assessee has filed this appeal for assessment year 2007-08 against order of
ld. CIT(A) of confirming the action of AO to make disallowance of Rs.3,00,269/- u/s 14A
of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962.

2.      We have heard ld. Representatives of the parties and have perused the orders of
authorities below.    We observe that AO made disallowance u/s 14A r.w.r.8D for
considering the expenses incurred in relation to income not includible in the total
income for the purpose of income tax.     Ld. CIT(A) also confirmed the action of AO
relying on the decision of Mumbai Special Bench of ITAT in the case of         M/s Daga
Capital Management Services Pvt.Ltd. (117 ITD 169) (SB).           However,   the Hon'ble
Jurisdictional High Court has reversed the decision of Special Bench (supra) and has
                                                                    I.T.A. No.7156/Mum/2010

held in the case of Godrej & Boyce Mfg Co Ltd Vs DCIT (2010) 328 ITR 81 (Bom) that
Rule 8D is prospective in nature and applicable from assessment year 2008-09 and
onwards. Therefore, we set aside the orders of authorities below and restore the
matter to the AO for his fresh consideration for making the disallowance, if any, u/s 14A
of the Act. Therefore, grounds of appeal taken by assessee are allowed for statistical
purposes by restoring the issue to the AO for his fresh consideration as per law.

3.     In the result, the appeal of the assessee is allowed for statistical purpose.

        Order pronounced in the open court in the presence of ld. Representatives of
both the parties and after conclusion of hearing on 23rd September, 2013

               23rd September, 2013    

         Sd                                                sd
     ( /SANJAY ARORA)                                  (..  /B.R.MITTAL)
   / ACCOUNTANT MEMBER                                     / JUDICIAL MEMBER

. ../ SRL, Sr. PS
        /Copy of the Order forwarded to :
1.  / The Appellant
2.  / The Respondent.
3.      () / The CIT(A)-
4.       / CIT
5.       ,     ,        / DR, ITAT,
6.      / Guard file.
                                                                   / BY ORDER,
          True copy
                                                           (Asstt. Registrar)
                                            ,   / ITAT, Mumbai
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