2024 (9) TMI 745 - SCH - Income Tax

Revision u/s 263 - allowability of the expenditure and carry forward of the losses - ITAT quashed the order of CIT - As decided by HC 2021 (2) TMI 232 - BOMBAY HIGH COURT taking into consideration the reasoning of the CIT, we feel that the ITAT was not justified in interfering with the CIT's order, since, the twin conditions prescribed u/s 263 were fulfilled. Besides, the CIT, by the impugned order, had quite fairly, granted the assessee an opportunity of being heard whilst directing the AO to verify the claim of the assessee in respect of the allowability of the expenditure and carry forward of the loss in accordance with law HELD THAT - Despite opportunity afforded, as is evident from the office report dated 29.05.2024, the counsel for the petitioner has not taken steps for removing the defects. The delay in filing the spare copies shall be deemed to be condoned, if the steps are taken within a period of two weeks. Indulgently, as prayed for, needful to be done within a period of two weeks, failing which, the petition shall automatically stand dismissed for non-prosecution, without any further reference to the Court.

Summary

The Supreme Court ordered the petitioner's counsel to rectify defects within two weeks, failing which the petition will be dismissed for non-prosecution.