2025 (3) TMI 415 - SCH - Income Tax

Unexplained income u/s 68 - sale proceeds of the share treated as bogus - Delay filling SLP As decided by HC 2024 (1) TMI 800 - GUJARAT HIGH COURT claim of the assessee for exemption of Long Term Capital Gains u/s 10(38) cannot be held to be bogus on the basis of presumption in absence of any evidence brought on record by the assessee with regard to shares of Sunrise Asian Ltd which is not even found to be rigged by the SEBI also - assessee held the shares for two and half years and after holding the shares for a long period the same were sold by the assessee - HELD THAT - There is a gross delay of 292 days in filing the Special Leave Petition which has not been satisfactorily explained by the petitioner. Special Leave Petition is accordingly dismissed on the ground of delay.

Summary

The Supreme Court, in a judgment delivered by Hon'ble Mr. Justice J. B. Pardiwala and Hon'ble Mr. Justice R. Mahadevan, dismissed a Special Leave Petition due to a significant delay of 292 days in filing, which was not satisfactorily explained by the petitioner. The court ruled that the petition be dismissed on the grounds of delay, with pending applications also being disposed of accordingly. The counsel for the Revenue, Mr. S Dwarakanath, Additional Solicitor General, represented the petitioner in this case.