TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Special leave petition dismissed for 385-day delay; assessee must include interest on non-performing assets in total income</h1> SC dismissed the Special Leave Petition as grossly delayed (385 days) and not satisfactorily explained, and on merits found no reason to interfere with ... Income recognition - Interest on NPA - non-recognition of income is not permissible under the Income-tax Act, 1961 and the same should be added to the total income of the assessee for the year - Interest on non-performing assets [NPA] - Accrual of interest on recurring deposit - Year of assessment - Assessee appeal allowed by HC [2024 (5) TMI 541 - CALCUTTA HIGH COURT] HELD THAT:- There is a gross delay of 385 days in filing the Special Leave Petition which has not been satisfactorily explained by the petitioner. Even otherwise, we see no good ground to interfere with the impugned order passed by the High Court. Special Leave Petition is, therefore, dismissed on the ground of delay as well as merits. There is a 'gross delay of 385 days' in filing the Special Leave Petition, which the petitioner has not 'satisfactorily explained.' The Court further finds no 'good ground to interfere with the impugned order passed by the High Court.' On both procedural and substantive bases, the Court holds that the petition cannot be entertained: 'The Special Leave Petition is, therefore, dismissed on the ground of delay as well as merits.' All pending application(s), if any, are disposed of. The decision rests on untimely filing coupled with an absence of merit sufficient to justify interference with the High Court's order.
TaxTMI 
TaxTMI 
