2025 (5) TMI 451 - SCH - Income Tax

Disallowance of interest expense - loan amount in question was used by the appellant for purchasing land which was an agricultural land and on which the appellant had cultivated tapioca - As decided by HC 2024 (5) TMI 1243 - KERALA HIGH COURT tribunal rightly noticed by the Tribunal in the impugned order the evidence on record showed that the land in question was used for agricultural purposes which yielded agricultural income which in turn was exempt from income tax u/s 10(1) of the Income Tax Act. As in view of Section 14A of the IT Act the expenses could not have been seen as incurred for the purposes of the business for the purposes of Section 36 (iii) of the IT Act. HELD THAT - As petitioner seeks permission to withdraw the present special leave petition. He is permitted to do so. Special Leave Petition is dismissed as withdrawn.

Summary

The Supreme Court, through HON'BLE MR. JUSTICE MANMOHAN [IN CHAMBERS], granted the petitioner's counsel permission to withdraw the Special Leave Petition. Consequently, the Court "dismissed the Special Leave Petition as withdrawn."