2007 (3) TMI 767 - SCH - Indian Laws

Summary

The Supreme Court of India condoned delay and granted leave in a case where the assessee's appeal was dismissed by the Tribunal for non-deposit of Rs. 1.40 Crores. The Court directed the Tribunal to decide on the Modification Application and determine the net worth of the company. Depending on the net worth, the Tribunal will either restore the appeal for further consideration or dismiss it accordingly. The Civil Appeal was disposed of accordingly.