Delay in SLP on alleged penny-stock share transactions and ss. 68/69C additions; 154-day delay not condoned, petition time-barred. The dominant issue was whether the delay of 154 days in filing the SLP should be condoned so as to permit examination of additions under ss. 68 and 69C ...
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Delay in SLP on alleged penny-stock share transactions and ss. 68/69C additions; 154-day delay not condoned, petition time-barred.
The dominant issue was whether the delay of 154 days in filing the SLP should be condoned so as to permit examination of additions under ss. 68 and 69C relating to alleged penny-stock transactions. The SC held that the petitioner failed to furnish a satisfactory explanation for the delay, and therefore did not establish sufficient cause for condonation. Consequently, the SLP was dismissed as time-barred, leaving the HC's decision (which had accepted the assessee's documentary evidence for the share transactions) undisturbed.
The Special Leave Petition was filed with a "gross delay of 154 days," which the petitioner "has not been satisfactorily explained." On this basis, the Court dismissed the Special Leave Petition "on the ground of delay." Consequently, "Pending applications, if any, shall also stand disposed of."
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