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of <h1>SC Dismisses Special Leave Petition, Upholds HC's Decision; Delay Condoned, No Grounds Found to Overturn Ruling.</h1> The SC dismissed the Special Leave Petition, upholding the HC's order. The Court condoned the delay and reviewed the case materials, but found no grounds ... Bogus Long Term Capital Gain - sale of shares of Global Capital Markets Ltd., a penny stock - period of holding of shares - AO that the price movement of the company were not supporting by financial fundamentals of the company - ITAT deleted addition - HC [2023 (12) TMI 1422 - GUJARAT HIGH COURT] held Assessee has sold shares after seven years and therefore, the proximity of time between the buy and sale of shares cannot be considered as an accommodation entry in penny stock company within a short period of about one year to book bogus of Long Terms Capital Gain or loss to defraud the Revenue. AO and CIT(A) have ignored such facts which were considered by the Tribunal to arrive at a finding of fact that the assessee has to be treated as an investor and cannot be treated to have engaged in fraudulent activity or manipulation activity. HELD THAT:- No reason to interfere with the impugned order passed by the High Court. The Special Leave Petition is, accordingly, dismissed. The Supreme Court of India, with Hon'ble Justices J.B. Pardiwala and R. Mahadevan presiding, considered a case where the petitioner was represented by Mr. N Venkatraman, A.S.G., and others. The respondent did not appear. The Court condoned the delay, reviewed the case materials, and decided not to overturn the High Court's order. As a result, the Special Leave Petition was dismissed, and any pending applications were disposed of.
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