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of <h1>Supreme Court dismisses petition, finds no merit; condones filing delay and disposes of all pending applications.</h1> <h3>INCOME TAX SETTLEMENT COMMISSION & ORS. Versus M/s INDUSIND BANK LTD.</h3> The SC dismissed the SLP, finding no merit in the petition. The delay in filing was condoned, and all pending applications were disposed of, concluding ... Legality of the Settlement Commission's order - Accrual of interest income - interest accrued as due on Government securities and debentures held by petitioner - as decided by HC [ 2023 (7) TMI 135 - BOMBAY HIGH COURT] would agree with the CIT (D/R)’s view. Income having accrued and corresponding expenditure having been reckoned on mercantile lasts, the interest income shall be taxed on accrual basis for both the years under consideration. As Commission has not articulated as to why it did not agree with the submissions made by the assessee’s representative, we direct that the matter be sent to the Interim Board for Settlement constituted for the settlement of pending applications as contemplated under Section 245 AA of the Act. The Interim Board may pass such orders as it deems fit in accordance with law after hearing the parties. HELD THAT:- We do not find any merit in the present special leave petition and, hence, the same is dismissed. Pending application(s), if any, shall stand disposed of. The Supreme Court dismissed the special leave petition as it found no merit in it. The delay was condoned, and any pending applications were disposed of.
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