2024 (12) TMI 147 - SCH - Income Tax

Revision u/s 263 - development fees from its students had been directly carried to the balance sheet under the nomenclature Development Fund instead of being routed through the income and expenditure account and this was then treated as part of the Revenue and therefore the taxable income u/s 11 (1) - delay in filling SLP - As decided in HC 2022 (3) TMI 1497 - ORISSA HIGH COURT as noted by the ITAT, if only the CIT (E) had undertaken an inquiry, he would have come to the above conclusion and there would have been no need to act to the taxable income of the Assessee. The Court is satisfied that no error has been committed by the ITAT in concluding that the order of the CIT (E) is unsustainable in law. HELD THAT - After having perused the application for condonation of delay, we find that there is absolutely no explanation for a long delay of 504 days in preferring the Special Leave Petition. Hence, the Application seeking condonation of delay in preferring the Special Leave Petition is rejected. Consequently, the Special Leave Petition stands dismissed on the ground of delay.

Summary

The Supreme Court dismissed the Special Leave Petition due to a delay of 504 days with no adequate explanation provided. The application for condonation of delay was rejected.