State Bank of India (Formerly SBS Employees Provident Fund) Vs. Deputy Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, State Bank of India (Formerly SBS Employees Provident Fund), is a recognized Provident Fund Trust formed for managing the provident fund of the employees of State Bank of Saurashtra. The assessment for the year under consideration was reopened based on information that the assessee had made time deposits and interest on securities. The Assessing Officer issued notices under section 148 of the Act, but the assessee did not comply and no return of income was filed. The Assessing Officer completed the assessment ex parte under section 144 read with section 147 of the Act and made an addition of Rs.4,10,27,392/- as unexplained money under section 69A of the Act. The assessee filed an appeal against the assessment order with a delay of 608 days. The appeal was dismissed in limine by the CIT(A) on the ground of delay.…

Legal Issues

• 1. Whether the delay of 608 days in filing the appeal deserves to be condoned.

Judgment Outcome

Decided in favour of Assessee.

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