Case Details

  • Case Name: Principal Commissioner of Income Tax & Anr. vs. M/s Karnataka Bank Ltd.
  • Petition: Special Leave Petition (C) No. 18972/2026.
  • Origin: Arising from impugned final judgment and order dated 21‑08‑2025 in ITA No. 165/2024 of the High Court of Karnataka, Bengaluru.
  • Court: Supreme Court of India.
  • Date of Hearing: 25‑05‑2026.
  • Coram: Hon'ble Mr. Justice Manoj Misra and Hon'ble Mr. Justice Manmohan.
  • Relevant Application: IA No. 156691/2026 – Condonation of delay in filing.

Parties Involved

  • Petitioner: The Principal Commissioner of Income Tax (representing the Income Tax Department).
  • Respondent: M/s Karnataka Bank Ltd.
  • Counsel for Petitioner: Mr. N Venkataraman (A.S.G.), Mr. Sudarshan Lamba (AOR), Mr. V Chandrashekhara Bharathi (Adv.), Mr. Padmesh Mishra (Adv.), Mr. Udit Dedhiya (Adv.), Mr. Bhuvan Kapoor (Adv.), Mr. Siddharth Praveen Acharya (Adv.).
  • Counsel for Respondent: Not listed in the record.
  • Registrar: Chetan Arora and Sapna Bansal, Assistant Registrar‑cum‑PS Court Master (NSH).

Issues / Allegations / Violations

  • The petitioner sought condonation of delay in filing Income Tax Assessment (IA) No. 156691/2026 and challenged the High Court’s order dated 21‑08‑2025.
  • The core allegation pertained to whether the Supreme Court should interfere with the High Court’s decision under Article 136 of the Constitution of India.

Findings & Observations

  • The Supreme Court observed that there was no sufficient ground to interfere with the impugned order/judgment of the High Court.
  • The Court exercised its jurisdiction under Article 136 and concluded that the High Court’s order was substantively sound.

Penalties / Settlements / Directions

  • Delay Condoned: The Court formally condoned the delay in filing IA No. 156691/2026.
  • No Monetary Penalty: No financial penalty, fine, or disgorgement was imposed on either party.

Corrective Actions & Future Obligations

  • The Court did not prescribe any specific corrective measures beyond the condonation of delay.
  • No additional compliance directives were issued to Karnataka Bank Ltd or the Income Tax Department.

Final Ruling & Enforcement

  • The Special Leave Petition (C) No. 18972/2026 stands dismissed.
  • The order of the High Court dated 21‑08‑2025 remains effective.
  • Any pending applications, if existent, are ordered to stand disposed of.
  • The judgment is enforceable as per the Supreme Court’s authority, with no further action required from the parties.