2024 (12) TMI 867 - SCH - Income Tax

Claim of Deduction/ expenses on interest/redemption premium on debentures - liability to pay interest/redemption premium has not crystallized during the year - delay filling SLP - as decided by HC 2022 (8) TMI 914 - KARNATAKA HIGH COURT premium payable quantified on redemption of debentures as Revenue expenditure.Adverse finding recorded by the ITAT that the parties had changed the agreement to suit their convenience and that it is a make-believe story is not supported by any cogent reason nor material on record and therefore untenable. HELD THAT - There is a gross delay of 161 and 269 days respectively in filing the Special Leave Petitions which has not been satisfactorily explained by the petitioner. Even otherwise we see no reason to interfere with the impugned orders passed by the High Court. Special Leave Petitions are accordingly dismissed on the ground of delay as well as on merits.

Summary

The Supreme Court dismissed the Special Leave Petitions due to a gross delay of 161 and 269 days in filing, which was not satisfactorily explained by the petitioner. The Court found no reason to interfere with the impugned orders passed by the High Court. Pending applications were also disposed of.