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2018 (1) TMI 1227 - ITAT AHMEDABADDisallowance of delay in payment of employees' contribution to ESIC & PF - failure to deposit before due date - applicability of section 43B read with section 2(24)(x) - Held that:- he assessee did not deposit the amount of contribution with the PF Department / DSI Department within due date under the PF Act and/or ESI Act - There is no amendment in Section section 36(1)(va) of the Income Tax Act and considering section 36(1)(va) of the Income Tax Act as it stands, with respect to any sum received by the assessee from any of his employees to which the provisions of clause (x) of sub-section (24) of section 2 applies, assessee shall not be entitled to deduction of such amount in computing the income referred to in section 28 if such sum is not credited by the assessee to the employees' account in the relevant fund or funds on or before the due date as per explanation to section 36(1)(va) of the Act - See COMMISSIONER OF INCOME TAX II Versus GUJARAT STATE ROAD TRANSPORT CORPORATION [2014 (1) TMI 502 - GUJARAT HIGH COURT] - Decided against assessee TDS u/s 194J - disallowance u/s.40(a)(ia) - non deduction of tds payment of consulting service made to BSI management System (I) Pvt. Ltd. - Held that:- We are of the opinion that the provision of section 194J of the Act will be applicable. Hence, 20% will be disallowed in the light of proviso sec. 194J and AO is directed to calculate the same. Disallowance of interest as per rule 8D(2)(ii) u/s.14A - Held that:- Since company is having ₹ 559.95 lacs i.e. share capital ₹ 6.00 lacs and Free reserve ₹ 553.95 lacs, whereas investment made in shares and mutual funds put together is ₹ 524.32 lacs, no disallowance is warranted. Addition on account of administrative exp. u/s.14A - Held that:- In the interest of the justice addition of ₹ 50,000/- made on account of administrative expenses u/s.14A.
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