2024 (9) TMI 35 - SCH - Income Tax

Allowable business expenditure/commercial expediency - Disallowance of claim of expenditure on the ground that it was not incurred wholly and exclusively for the purposes of the business - Delay filling SLP - as decided by HC 2022 (11) TMI 782 - ORISSA HIGH COURT considering that the expenditure was in the nature of moneys advanced to the subsidiaries, it cannot be said that there is no intimate connection between the Assessee and the two subsidiaries as far as the business activities are concerned. HELD THAT - There is gross delay of 526 days in filing the Special Leave Petition. We are not satisfied with the explanation offered for condonation of delay. Hence, the application seeking condonation of delay is dismissed. Consequently, the Special Leave Petition is also dismissed, keeping open the question of law, if any.

Summary

The Supreme Court dismissed the Special Leave Petition due to a gross delay of 526 days in filing, with unsatisfactory explanation for condonation of delay. The application seeking condonation of delay was also dismissed, keeping open any question of law. Any pending applications were disposed of.