Dismissing the appeal of the revenue the Court held that, Tribunal is justified in restricting the disallowance of 5% of exempt income-Rule 8D would not be applicable retrospectively. (ITA No. 623 of 2017 dt 26-08-2019) (AY. 2007-08)
PCIT v Reliance Natural Resources Ltd. (2019) 267 Taxman 644 (Bom.)(HC)/Editorial : SLP of Revenue dismissed , PCIT v. Reliance Natural Resources Ltd. (2022) 286 Taxman 435 (SC)
S. 14A : Disallowance of expenditure-Exempt income–Tribunal is justified in restricting the disallowance of 5% of exempt income-Rule 8D would not be applicable retrospectively. [R. 8D]