2024 (9) TMI 1385 - SCH - Income Tax

Substantial question of law - retrospectivity of the amendment made to Section 23(b) of the Finance Act, 2017, the ground of deduction of overdue interest qua the ideal guidelines has not been considered by the Tribunal in its true perspective - As decided by HC 2023 (6) TMI 742 - MADHYA PRADESH HIGH COURT retrospectivity was not of Section 43-D of the Finance Act, 2017, it seems from the record that the Tribunal has applied its mind to the ground raised by the appellants while the other ground of deduction of overdue interest qua RBI guidelines is also discussed. HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court which has only confirmed the order of remand passed by the Income Tax Appellate Tribunal (ITAT) 2022 (5) TMI 224 - ITAT JABALPUR . We are informed by respondent that the petitioner has availed Vivad se Vishwas - Settlement Scheme for the Assessment Year 2013-2014. If the petitioner seeks to avail the same remedy for the AY 2009-2010 and 2014-2015, we leave it open to the petitioner to make necessary applications. Upon such applications being filed, the procedure contemplated under the law shall be followed and applications be disposed of expeditiously. SLP disposed of.

Summary

The Supreme Court declined to interfere with the High Court's decision, which upheld the Income Tax Appellate Tribunal's order of remand. The respondent informed the court that the petitioner utilized the Vivad se Vishwas - Settlement Scheme for the Assessment Year 2013-2014. The petitioner was allowed to apply for the same scheme for other assessment years. Special Leave Petitions and pending applications were disposed of.