Maintainability of appeals and treatment of pre commencement business expenses amid tribunal rectification preserved on dismissal of challenge

Maintainability of an appeal under 260A was considered alongside whether pendency of rectification proceedings before the Tribunal affects that maintainability; the court declined to interfere, dismissing the special leave petition. The Tribunal's power to enhance assessments was addressed, with the outcome preserved by dismissal. The allowability of operating expenses, financial expenses and depreciation was examined where the assessee had not commenced commercial operations; the decision under review (favoring the assessee on composite business and pre commencement expense treatment) was left undisturbed.

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Summary: This Supreme Court order, after hearing counsel, denies relief and disposes the matter on procedural grounds. The Court stated it was "not inclined to interfere with the order impugned; hence, the special leave petition is dismissed." The disposition is final as to the special leave petition; any ancillary or "pending application(s), if any, shall also stand disposed of." No substantive modification of the impugned order was made, and no further directions were issued. The ruling is strictly a dismissal of the special leave petition, maintaining the validity of the underlying impugned order and concluding all outstanding interim or collateral applications related to the petition.

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