2023 (12) TMI 659 - SCH - Income Tax

Unrealized gains on revaluation of forward contracts as the bank accounts - Tribunal setting aside claim of assessee relating to unrealized gains on revaluation of forward contracts as the bank accounts were admittedly prepared on accrual basis and revenue was recognized following mercantile method except for certain items which were accounted on cash basis - depreciation in value of investment in HTM Securities - disallowances made u/s 36(1) (viia) - disallowance made u/s 14A - disallowances on account of AFS and HFT category of investments - HC 2023 (1) TMI 291 - KARNATAKA HIGH COURT concluded two appeals do not survive for consideration - Revenue has filed these two appeals challenging the findings recorded by the ITAT Income Tax Appellate Tribunal in Revenue s appeals and those issues were not under consideration before the ITAT. Therefore these appeals are superfluous and unnecessary There is a gross delay of 261 days in filing this special leave petition. HELD THAT - The explanation offered for condonation of delay is not satisfactory. Hence the application seeking condonation of delay in filing this petition is dismissed. Consequently the special leave petition is dismissed on the ground of delay. The questions of law if any which arise in this special leave petition are kept open.

Summary

The Supreme Court dismissed a special leave petition due to a delay of 261 days in filing. The application for condonation of delay was not satisfactory. Questions of law arising from the petition are kept open.