C.I.T,Mumbai vs M/S Darshan Securities P.Ltd

The Supreme Court allowed the civil appeal, emphasizing the need for the High Court to address the question of law regarding the interpretation of the Explanation to Section 73 of the Income Tax Act, 1961. The Court noted that the High Court had dismissed the appeal solely on the grounds of delay, which was deemed insufficient given the significance of the legal issues at stake. The Court directed the High Court to consider the matter for admission and decide on merits in accordance with law.