Even if Rule 8D was inapplicable prior to AY 2008-09, AO shall honour sec. 14A to disallow exp. on e

IT: In view of order passed in case of Maxopp Investments Ltd. v. CIT [2011] 203 Taxman 364/15 taxmann.com 390 (Delhi), it was to be held that even though rule 8D was inapplicable prior to assessment year 2008-09, assessing authorities, had to nevertheless respect mandate under section 14A, and based on scientific method, work out possible disallowance in respect of tax free income earned by assessee from investment made in bonds