2024 (12) TMI 126 - SCH - Income Tax

Accrual of income - Income from interest on securities - Whether computed on accrual basis or on due basis? - delay filling SLP - application seeking condonation of delay of 220 days in filing the special leave petition - As decided by HC 2023 (1) TMI 725 - TELANGANA HIGH COURT interest can be said to have accrued only on the date on which it was due as per the terms and conditions of the security. When an instrument or an agreement stipulates interest to be payable at specified date, interest does not accrue to the holder thereof on any date prior thereto. Interest would accrue or arise only on the date specified in the instrument HELD THAT - As we find that the reasons assigned for seeking condonation of delay are neither satisfactory nor sufficient in law to be condoned. Hence, the application seeking condonation of delay is dismissed. Consequently, the special leave petition is dismissed on the ground of delay. However, the question of law, if any, which arises in this matter is left open to be agitated in any other appropriate case.

Summary

The Supreme Court dismissed the special leave petition due to a delay of 220 days in filing, as the reasons provided were not satisfactory. The court allowed the question of law to be raised in a future case.