Tax treatment of interest on NPAs and recurring deposits' accrual, SLP dismissed for 385-day delay and on merits The dominant issue was whether the SLP challenging the HC ruling on taxability of interest on NPAs and accrual of interest on recurring deposits should be ...
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Tax treatment of interest on NPAs and recurring deposits' accrual, SLP dismissed for 385-day delay and on merits
The dominant issue was whether the SLP challenging the HC ruling on taxability of interest on NPAs and accrual of interest on recurring deposits should be entertained despite delay. SC held that the 385-day delay in filing was not satisfactorily explained; consequently, the SLP was liable to be rejected at the threshold, resulting in dismissal and leaving the HC's decision in favour of the assessee undisturbed. SC further found no good ground to interfere on merits with the HC's determination on income recognition and year of assessment, and accordingly dismissed the SLP on delay as well as on 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.
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