2024 (7) TMI 976 - SCH - Income Tax

Delay preferring the Special Leave Petition - condonation of delay of 325 days - Reopening of assessment - addition u/s 68 - unexplained cash credit - As decided by HC 2023 (6) TMI 133 - KARNATAKA HIGH COURT so far as any sum credited consists of share application money, the same is dealt by proviso to Section 68. Admittedly, the proviso had been inserted with effect from 01.04.2013. Admittedly the Assessment year in this case is 2008-09. Thus addition to be deleted. HELD THAT - As special leave petition was sent to CAS after vetting, there afterwards nothing is stated and special leave petition has been filed on 07.06.2024. However, what is stated in the application seeking condonation of delay is otherwise. The explanation offered for the said delay is also not satisfactory and neither is it sufficient in law to condone the same. The application seeking condonation is dismissed. Consequently, the Special Leave Petition is also dismissed on the ground of delay.

Summary

Issues: Gross delay in preferring the Special Leave Petition, application seeking condonation of delay, sufficiency of explanation for delay, dismissal of the Special Leave Petition.

Upon hearing the counsel, the Supreme Court noted a gross delay of 325 days in preferring the Special Leave Petition. The Court perused the application seeking condonation of delay and found discrepancies in the timeline. The Special Leave Petition was sent for vetting on 21.03.2024 but was not filed until 07.06.2024. The Court deemed the explanation for the delay unsatisfactory and insufficient in legal terms, leading to the dismissal of the application seeking condonation of delay. Consequently, the Special Leave Petition was also dismissed on the grounds of delay. The pending application(s) were disposed of in light of this decision.