2024 (1) TMI 277 - SCH - Income Tax

TP Adjustment on account of receivables - Disallowance under Section 40(a)(ia) - Applicability of section 192 v/s 195 - Draft order framed u/s 144C(1) of the Act is in the name of a non-existent company - As decided by HC revenue has not brought on record that the assessee has been found paying interest to its creditors or suppliers on delayed payments AND in agreement with the opinion of the ITAT that Section 195 of the Act has no application once the nature of payment is determined as salary and deduction has been made u/s 192 - Question No.1 of Draft order framed u/s 144(c)(1) is left open to be agitated in an appropriate matter. HELD THAT - There is a huge delay of 325 days in filing this Special Leave Petition. We are not satisfied with explanation offered by the petitioner. Hence, the special leave petition is dismissed on the ground of delay. Pending application(s) shall stand disposed of.

Summary

The Supreme Court dismissed the Special Leave Petition due to a delay of 325 days in filing, as the explanation provided was unsatisfactory. Pending applications were disposed of.