2018 (7) TMI 1302 - SCH - Income Tax

Reopening of assessment - Reasons for the belief that income has escaped assessment - claim of expenditure in course of trading of crude and refined edible oil on settlement basis as allowable business expenditure - AO held this not an allowable business expenditure but was a speculative loss and therefore not allowable under section 73 - Held that - SLP dismissed.

Summary

The Supreme Court of India, in the case with citation 2018 (7) TMI 1302, dismissed the special leave petition. The delay was condoned, and pending applications were disposed of. The judgment was delivered by Mr. Rohinton Fali Nariman and Mr. Navin Sinha JJ. The Respondent(s) did not appear.