2024 (12) TMI 1434 - SCH - Income Tax

Bogus LTCG - Addition u/s 10(38) - Tribunal cancelling the disallowance of Long Term Capital Gain - as decided by HC 2022 (10) TMI 1264 - CALCUTTA HIGH COURT appeal filed by the revenue were allowed and the substantial questions of law were answered in favour of the revenue HELD THAT - Let supplementary affidavit be filed by the respondent explaining whether steps stand taken preferring any appeal(s) wherein the writ petition(s) stands dismissed. Also what action is taken against the erring officials who sat over the files and allowed the appeals to be preferred only after a prolonged period of delay. We may point out that in the counter affidavit, the respondent themselves have pointed out that the tax evasion involved has an estimated revenue impact exceeding Rs. 38,000/- crores. Needful be done within a period of two weeks. Rejoinder, if any, may be filed by the petitioner within one week thereafter. List on 15.1. 2025.

Summary

The Supreme Court of India, in a recent judgment, directed the respondent to file a supplementary affidavit explaining steps taken regarding dismissed writ petitions and actions against officials causing delays. The respondent noted a significant tax evasion amounting to over Rs. 38,000 crores. The court set deadlines for filing the affidavit and rejoinder, scheduling the next hearing for January 15, 2025.