SC rejects delay and merit challenge on disallowance of penny stock losses under business loss rules

THE PRINCIPAL COMMISSIONER INCOME TAX (CENTRAL), AHMEDABAD Versus M/s AFFLUENCE COMMODITIES PVT. LTD.

THE PRINCIPAL COMMISSIONER INCOME TAX (CENTRAL), AHMEDABAD Versus M/s AFFLUENCE COMMODITIES PVT. LTD. - TMI The Supreme Court dismissed the Special Leave Petition due to a delay of 325 days in filing and on merits, noting that the matter could also be resolved on the basis of a 'low tax effect.' The Court explicitly stated that the petition is dismissed 'on the ground of delay as well as on merits.' However, it left 'the question of law, if any, ... open,' thereby not addressing substantive legal issues raised. All pending applications related to the petition were also disposed of.