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2024 (2) TMI 1119 - SCH - Income TaxAllowable 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” - expenditure incurred by the Assessee in the form of loans and advances to its subsidiaries which were subsequently written off - as decided by HC [2022 (11) TMI 782 - ORISSA HIGH COURT] 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 a gross delay of 340 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.
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