Special leave petition dismissed for 292-day unexplained delay; assessee's long-term capital gains exemption under section 10(38) upheld The SC dismissed the Special Leave Petition for a 292-day unexplained delay, finding the delay not satisfactorily explained. On merits, the HC had held ...
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Special leave petition dismissed for 292-day unexplained delay; assessee's long-term capital gains exemption under section 10(38) upheld
The SC dismissed the Special Leave Petition for a 292-day unexplained delay, finding the delay not satisfactorily explained. On merits, the HC had held the assessee's claim for exemption of long-term capital gains u/s 10(38) could not be treated as bogus based solely on presumption absent evidence regarding shares of Sunrise Asian Ltd, which SEBI did not find rigged; the assessee had held the shares for about two and a half years before sale.
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.
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