The Supreme Court condoned delay in the special leave petition filed by the Income Tax Department in the challenge regarding the disallowance of claim of loss on revaluation of securities.
The issue for consideration before the Karnataka High Court was whether the Income Tax Appellate Tribunal (ITAT) was right in law in setting aside disallowance of loss of claim of loss on revaluation of securities even after the Assessing Officer rejected the same.
The Karnataka High Court upheld the order of the ITAT and the order of the High Court the Income Tax Department was challenged by the Income Tax Department before the Supreme Court.
A Two-Judge Bench of Justice Abhay S Oka and Justice Ujjal Bhuyan observed that “Delay condoned. Issue notice. To be heard along with SLP(Civil)No.13668 of 2020 and other connected matters.”
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