2024 (1) TMI 428 - SCH - Income Tax

Addition u/s 36(1)(vii) on account of provisions of bad and doubtful debts, Addition on account of foreign exchange fluctuation - Addition made on account of disallowance of depreciation - effective ownership - Addition made while computing book profits u/s.115 JB - HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. 2017 (5) TMI 1497 - RAJASTHAN HIGH COURT Hence, the Special Leave Petition is dismissed. Allowance of business expenditure u/s. 37 incurred on foreign tour of wife of the Director of the Company,100% deduction u/s.80IA specifically when the assessee company itself and claimed deduction @ 30% u/s. 80IA, Computation of Minimum Alternate Taxation (MAT) u/s 115JA, Cancelling the rectification order under Section 154 and deleting the interest levied u/s.234C by ITA, Validity of revised return - justification of holding that the revised return u/s 139(5) was a valid return, Addition account of downward impact of Retention Price Subsidy, Addition in respect of fees paid to a consultant for drafting the shareholders agreement, Addition made on account of purchase of software being capital in nature, Depreciation on catalyst not allowable under Section 32 - Accrual of income, MAT computation - AO jurisdiction, Allowable business expenditure, Addition u/s 40A - HELD THAT - Post along with CHAMBAL FERTILIZERS AND CHEMICALS LTD 2019 (11) TMI 1581 - SUPREME COURT Levy of penalty u/s 271(1)(c) - MAT - computation of income u/s 115JB - adjustments towards bad debts - As decided by HC 2017 (5) TMI 1606 - RAJASTHAN HIGH COURT penalty cannot not be imposed on the assessee since, the original appeal was decided in favour of the assessee - HELD THAT - We adjourn this matter for two weeks to enable Mr. Arijit Prasad, learned senior counsel to verify, if any similar matters are pending.

Summary

Issues involved:
The judgment involves the dismissal of Special Leave Petitions (SLPs) by the Supreme Court in various cases based on different grounds such as not interfering with the impugned judgment and order passed by the High Court, lower tax effect, and adjournment for verification of pending matters.

SLP (C) No. 8228/2018 [2017 (5) TMI 1497 - RAJASTHAN HIGH COURT]:
The Court declined to interfere with the impugned judgment and order of the High Court, leading to the dismissal of the Special Leave Petition. Consequently, any pending applications were also disposed of in this regard.

SLP (C) No. 9210/2018 [2017 (5) TMI 1497 - RAJASTHAN HIGH COURT]:
Due to the lower tax effect, the Special Leave Petition was dismissed, and any pending applications were disposed of accordingly.

SLP (C) No. 16545/2018 and 16544/2018 [2017 (5) TMI 1500 - RAJASTHAN HIGH COURT]:
These cases were ordered to be posted along with another specific SLP (C) No. 10460 of 2018, indicating a consolidation or joint consideration of these matters.

SLP (C) No. 23262/2018 [2017 (5) TMI 1606 - RAJASTHAN HIGH COURT]:
The Court decided to adjourn this particular case for two weeks to allow Mr. Arijit Prasad, the learned senior counsel, to verify if there are any similar pending matters, suggesting a need for further investigation or coordination in handling related cases.