2024 (6) TMI 428 - SCH - Income Tax

Allowable revenue expenditure u/s 37 - broken period interest paid on purchase of securities - securities constitute stock-in-trade - whether broken period interest paid on purchase of securities is revenue expenditure since the securities constitute stock-in-trade? - As held by HC 2023 (1) TMI 673 - TELANGANA HIGH COURT Tribunal correctly held that the respondent had purchased securities to hold them as stock-in-trade. Therefore interest paid on such securities would be an allowable deduction.- HELD THAT - There is no merit in the present special leave petition and hence the same is dismissed. Pending application(s) if any shall stand disposed of.

Summary

The Supreme Court of India, with Hon'ble Mr. Justice Sanjiv Khanna and Hon'ble Mr. Justice S.V.N. Bhatti, dismissed the special leave petition as it lacked merit. The delay was condoned, and any pending applications were disposed of. The respondent did not appear in the case.