2024 (11) TMI 536 - SCH - Income Tax

Supreme Court Limits Findings to 2014-2015 Financial Years; Dismisses SLP and Closes All Pending Applications.

The SC concluded that its findings for the Financial Years 2014-2015 are confined to those specific years. The impugned order remains unchanged, and the ... Disallowance of business expenses relating to business of money lending merely on the ground that no interest income has been earned in this year - Engagement of the assessee in the business of money lending - as decided by HC [2024 (7) TMI 1551 - DELHI HIGH COURT] AR has relied in regard to the previous or subsequent years about the money lending business of the assessee is not sustainable in the facts discussed from the perspective of ld. CIT(A) and we do not consider that there is any error in the sustenance by ld. CIT(A). HELD THAT:- The findings arrived at in this matter for the Financial Years 2014-2015 shall be restricted only to the said financial years. In the circumstances, we do not find it necessary to interfere with the impugned order. Hence, the Special Leave Petition is disposed of with the aforesaid observations. Pending application(s), if any, shall stand disposed of. The Supreme Court made a judgment in which findings for the Financial Years 2014-2015 are restricted to those years only. The impugned order is not interfered with, and the Special Leave Petition is disposed of with the mentioned observations. Any pending applications are also disposed of.