2018 (7) TMI 1246 - SCH - Income Tax

Capital gain on revaluation of partnership - Tax the consideration received by assessee as partner of the two firms upon reevaluation and distribution of the partnership assets as short-term capital gain - Held that - There is a delay of 159 days delay in filing the present petition which is not satisfactorily explained. Notwithstanding the same, we have gone into the merits of the case and do not find any substance in the special leave petition. The special leave petition is dismissed on the ground of delay as well as on merits.

Summary

The Supreme Court of India dismissed a special leave petition due to a 159-day delay in filing, which was not satisfactorily explained. The court found no substance in the petition both on the ground of delay and on merits.