2024 (11) TMI 574 - SCH - Income Tax

Depreciation @ 50% on a building claiming it to be a temporary structure -Nature of expenditure - HC 2023 (7) TMI 1490 - PATNA HIGH COURT held that as only 10% depreciation for buildings other than used for residential purpose and not covered by subitems 1 and 3 there is absolutely no valid claim for the assessee to obtain a 50% depreciation. HELD THAT - There is gross delay of 344 days in filing this Special Leave Petition. The reasons assigned are neither satisfactory nor sufficient in law to be condoned. Hence the application seeking condonation of delay is dismissed. Consequently the Special Leave Petition also stands dismissed. Petitioner submitted that the petitioner has also filed a statutory appeal in the year 2018. It is needless to say that the petitioner is at liberty to prosecute the said appeal in accordance with law and on its own merits.

Summary

The Supreme Court dismissed the Special Leave Petition due to a gross delay of 344 days in filing, with reasons not deemed satisfactory for condonation. The petitioner can pursue a statutory appeal filed in 2018 independently. Any pending applications are disposed of.