Delay condoned and leave granted to decide whether Section 56(2)(viia) applies to bonus shares in appeal SC condoned the delay and granted leave, allowing appeal on the question whether Section 56(2)(viia) applies to bonus shares. The Tribunal had held that ...
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Delay condoned and leave granted to decide whether Section 56(2)(viia) applies to bonus shares in appeal
SC condoned the delay and granted leave, allowing appeal on the question whether Section 56(2)(viia) applies to bonus shares. The Tribunal had held that the provision does not apply to bonus shares and HC affirmed that view; SC proceeded on that basis, addressing the legal issue without reinstating any different tax liability. The appeal was admitted for consideration after condonation of delay.
Upon hearing counsel, the Court recorded two operative orders: "Delay condoned." and "Leave granted." The invocation of condonation of delay indicates that the Court exercised its discretion to permit the petition despite non-compliance with prescribed limitation periods, treating the delay as sufficiently explained or excused. The grant of leave reflects the Court's decision to admit the matter for consideration on its merits (i.e., to proceed with hearing the substantive challenge), thereby removing any procedural bar that might have prevented judicial scrutiny. No reasons for condonation or criteria applied are set out in the order; only the operative dispositions are entered. The record shows no respondent appearance. The procedural effect is that the petition is admitted for adjudication notwithstanding prior delay, and the matter will progress for substantive determination.
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