2024 (5) TMI 713 - SCH - Income Tax

Delay filling appeal before supreme court - Bogus loss incurred in penny stock - transaction was pre-arranged as well as sham and was carried out through penny script company/paper company - As decided by HC 2023 (6) TMI 837 - GUJARAT HIGH COURT entire transaction of purchase and sale of the scripts was through National Stock Exchange or Bombay Stock Exchange and that also through the authorized brokers and tribunal correctly opined that merely on the conjecture and surmises the Assessing Officer cannot make disallowance - HELD THAT - There is gross delay of 224 days in filing this special leave petition. The reasons assigned for condonation of delay in our view are not sufficient. Hence the application seeking condonation of delay is dismissed. Consequently the special leave petition stands dismissed.

Summary

The Supreme Court dismissed a special leave petition due to a gross delay of 224 days in filing, with insufficient reasons for condonation of delay. The application seeking condonation of delay was dismissed, and consequently, the special leave petition was also dismissed. Any pending applications were disposed of.