2018 (11) TMI 1070 - SCH - Income Tax

Disallowance under Section 80M - establishment of nexus between the investments made during the year and the borrowed funds - Penalty proceedings initiated under Section 271(1)(c)- Held that - There is an inordinate delay of 205 days in filing the Petition which has not been explained satisfactorily. Even otherwise we do not find any merit in this Special Leave Petition. SLP dismissed both on the ground of delay as well as on merits.

Summary

The Supreme Court dismissed the Special Leave Petition due to an unexplained delay of 205 days in filing and lack of merit. Pending applications were disposed of. (Citation: 2018 (11) TMI 1070 - SC)