Delay in filing cross objection without plausible explanation cannot be condoned

DCIT Vs ICICI Bank Ltd. (ITAT Mumbai) ITAT Mumbai held that inordinate delay of nearly 15 years in filing of cross objection by the assessee without giving any valid reason and/ or plausible explanation is not condoned. Facts- During the course of assessment, the AO noticed that assessee bank had incurred expenses of Rs 486.67 to earn dividend of ₹112.17 crore. The AO found that dividend income was only of ₹112.17 crore whereas as expenses incurred of ₹486.67 crore was incurred to earn the said exempt income. The assessing officer considered that borrowed funds of the assessee at the end...