Corporate Restructuring Not a Sufficient Cause for 802-Day Delay u/s 253(3): ITAT Panaji

Union Bank of India Vs DCIT (ITAT Panaji) ITAT Dismisses Union Bank’s Appeals as Time-Barred; Holds Corporate Restructuring Not a “Sufficient Cause” for 802-Day Delay u/s 253(3) Summary: In Union Bank of India Vs DCIT, the Income Tax Appellate Tribunal (ITAT), Panaji dismissed the bank’s appeals for Assessment Years 2010-11, 2011-12 and 2014-15 as time-barred due to a delay of about 802–803 days beyond the limitation period prescribed under Section 253(3) of the Income-tax Act. The dispute originated from TDS defaults identified during a survey under Section 133A at a branch of Corpo...