2024 (10) TMI 874 - SCH - Income Tax

Unexplained investments/ amounts deposited in the foreign bank account - addition made as no concrete evidence to establish either the ownership of the alleged bank account or the alleged disputed deposits in those accounts to be belonging to the assessee - delay filling SLP - As decided by HC 2023 (11) TMI 759 - PUNJAB AND HARYANA HIGH COURT assessee being an agriculturist and only having a small holding of land apparently could not be in possession of such huge amounts, which were also in foreign currency. Nothing as such was produced on record that the same was transferred from India where he was doing some business. It is neither the case of the revenue that the amounts were credited from his income while doing business at abroad and neither he was based abroad for such long periods to generate that kind of income, appeal decided against revenue. HELD THAT - As there is gross delay of 210 days in filing this Special Leave Petition. The reasons assigned for seeking condonation of delay are neither satisfactory nor sufficient in law to be condoned. Hence, the application seeking condonation of delay is dismissed. Consequently, the Special Leave Petition also stands dismissed. Even otherwise, we find that the High Court has noted that no substantial question of law arose in the case.

Summary

The Supreme Court dismissed the Special Leave Petition due to a gross delay of 210 days in filing, with reasons for condonation found unsatisfactory. The High Court found no substantial question of law in the case. Any pending applications were disposed of accordingly.