2024 (11) TMI 253 - SCH - Income Tax

Legality of the Settlement Commission's order - Accrual of interest income - interest accrued as due on Government securities and debentures held by petitioner - case of respondents that as the applicant was following mercantile system of accounting for interest paid on securities and deposits it could not follow the cash system of accounting for corresponding income - As decided by HC 2023 (7) TMI 135 - BOMBAY HIGH COURT Income having accrued and corresponding expenditure having been reckoned on mercantile lasts, the interest income shall be taxed on accrual basis for both the years under consideration. Commission has not articulated as to why it did not agree with the submissions made by the assessee s representative. We direct that the matter be sent to the Interim Board for Settlement constituted for the settlement of pending applications as contemplated u/s 245 AA of the Act HELD THAT - There is a delay of 364 days in the filing of the present special leave petition. Even on merits, we are not inclined to issue notice in the present special leave petition. The application for condonation of delay and the special leave petition are both dismissed.

Summary

The Supreme Court dismissed the special leave petition due to a delay of 364 days and declined to issue notice. The application for condonation of delay was also dismissed.