1997 (7) TMI 59

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..... C. BHARUKA J.---The appellant is a Government company incorporated under the provisions of the Companies Act, 1956. For the benefit of its employees, it has created a trust by name Mysore Sales International Limited Employees' Superannuation Fund Trust and thereafter it made an application under Part B of Schedule IV to the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for approval .....

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..... ken the view that if under any special statute there is no provision for condonation of delay or for extension of the period of limitation, then the same cannot be done by the quasi-judicial or the statutory authorities since the discretion conferred under section 5 of the Limitation Act, 1963, can be exercised only by the courts. After we have heard Mr. Sarangan, learned senior counsel for the a .....

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..... s Act after the expiry of the period specified by or under this Act for making such application or claim and deal with the same on merits in accordance with law." It cannot be disputed that the Board is one of the income-tax authorities as enumerated under section 116 of the Act. Therefore, keeping in view the provisions noticed above, the Board has sufficient power to consider the desirability o .....

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