2018 (4) TMI 2013 - SCH - Income Tax

Deduction u/s 37 - Expenses on premises taken on lease towards repairs fixtures etc. - assessee was compulsorily required to build a new shop on land which was not his own property - as decided by HC 2014 (6) TMI 80 - KERALA HIGH COURT the stand of the revenue that the Tribunal was justified in rejecting the claim of the assessees has to be rejected - the business expenditure irrespective of creating enduring benefit or advantage even if it is a profit earning effort unless at the end of the term of lease the items on which expenditure was spent could be retrieved by the appellants-assessees it shall not amount to capital expenditure but it can be termed only as revenue expenditure. HELD THAT - Ld. counsel for the parties have not filed the statement of case within the statutory period. However statement of case is not mandatory as per amended Supreme Court Rules 2013. Viewed thus the matter shall be processed for listing before the Hon ble Court as per rules.

Summary

The Supreme Court of India, in C.A. No. 23499/2017, noted that the parties' counsel failed to file the statement of case within the statutory period. However, relying on the amended Supreme Court Rules, 2013, the Court held that the statement of case is "not mandatory." Consequently, the matter will be processed for listing before the Hon'ble Court in accordance with the rules.