2024 (11) TMI 1395 - SCH - Income Tax

Validity of Revision u/s 263 - out of provision made for depreciation on investment by the assessee, the Assessing Officer has added only investments in India and excluded a sum pertaining to investments outside India - as decided by HC CIT committed an error in holding that the order passed by the AO was erroneous and prejudicial to the interest of the revenue. Accordingly, the order passed by the Commissioner of Income Tax was set aside. HELD THAT - Having heard learned counsel for the parties and having gone through the materials on record, we see no reason to interfere with the impugned order passed by the High Court. Special Leave Petition is, accordingly, dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition as they found no reason to interfere with the impugned order passed by the High Court. The pending application was also disposed of.