2025 (5) TMI 452 - SCH - Income Tax

Revision u/s 263 - allowability of the expenditure and carry forward of the losses - ITAT quashed the order of CIT - As decided by HC 2021 (2) TMI 232 - BOMBAY HIGH COURT ITAT was not justified in interfering with the CIT s order since the twin conditions prescribed u/s 263 were fulfilled. Besides the CIT by the impugned order had quite fairly granted the assessee an opportunity of being heard whilst directing the AO to verify the claim of the assessee in respect of the allowability of the expenditure and carry forward of the loss in accordance with law. HELD THAT - We find that this is not a fit case to interfere under Article 136 of the Constitution of India. The Special Leave Petition is accordingly dismissed. All contentions are left open.

Summary

The Supreme Court, through Hon'ble Justices Abhay S. Oka and Ujjal Bhuyan, after hearing counsel for the petitioner, held that the case was "not a fit case to interfere under Article 136 of the Constitution of India." Consequently, the Special Leave Petition was dismissed. The Court explicitly stated that "all contentions are left open," and any pending applications were disposed of.