G.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 Ltd. Employees' Super-annotation Fund Trust and thereafter it made an application under Part B of Schedule IV to the IT Act, 1961 (hereinafter referred to as "the Act"), for approval thereof. But, since the same was not approved, it preferred an appeal before the CBDT under rule 8 of Part B of Schedule IV to the Act. But the same came to be rejected by the Board under its order dt. 7th January, 1992, on the ground that the same was filed beyond the prescribed period of 60 days and there being no provision for the condonation of delay, the appeal was not entertainable. Against the said order, the appellant-company preferred W.P. No. 11591 of 1992, which has been dismissed by the learned single judge under the impugned order dt. 27th September, 1994, inter alia, approving the view taken by the Board on the basis of the judgment of the Supreme Court in the case of Sakuru Vs. Tanaji, AIR 1985 SC 1279. In the said judgment, the Supreme Court has taken the view that if under