2025 (1) TMI 41 - SCH - Income Tax

SC Dismisses Special Leave Petition, Citing 'Bank of Rajasthan Ltd. vs. Commissioner of Income Tax' Precedent; Delay Condoned.

The SC dismissed the Special Leave Petition, referencing the precedent set in 'Bank of Rajasthan Ltd. vs. Commissioner of Income Tax' (Civil Appeal Nos. ... Broken period interest paid on purchase of securities - As decided by HC [2023 (6) TMI 1461 - TELANGANA HIGH COURT] respondent had purchased securities to hold them as stock-in-trade. Therefore, interest paid on such securities would be an allowable deduction - HELD THAT:- The issue involved in this Special Leave Petition is squarely covered by a decision of this Court dated 16th October, 2024 rendered in “Bank of Rajasthan Ltd. [2024 (10) TMI 875 - SUPREME COURT] In view of the aforesaid decision, the Special Leave Petition is, accordingly, dismissed. The Supreme Court of India, presided over by Hon'ble Mr. Justice Abhay S. Oka and Hon'ble Mr. Justice Augustine George Masih, addressed a Special Leave Petition. The petitioner's counsel included Ms. Priyanka Das and others, while there was no appearance for the respondent. The Court condoned the delay in filing and noted that the issue at hand was 'squarely covered' by a prior decision in 'Bank of Rajasthan Ltd. vs. Commissioner of Income Tax' (Civil Appeal Nos. 3291-3294/2009). Based on this precedent, the Court dismissed the Special Leave Petition and disposed of any pending applications.