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2018 (2) TMI 44 - ITAT JABALPURDisallowance u/s 14A - interest free funds sufficient to meet the investment - Held that:- Wherein interest free funds are much more than the impugned investment and therefore, no disallowance of interest expenditure is called for u/s 14A of the Act. See CIT Versus Reliance Utilities & Power Ltd. [2009 (1) TMI 4 - BOMBAY HIGH COURT] - Decided in favour of assessee Denying the claim of bad debt - Held that:- From perusal of the records including the paper book filed by the assessee, we find that this fact is not disputed that the alleged amount is the business loss and further during the assessment year 2011-12 the assessee was able to recover the remaining amount from its employee which stands verifiable from the audited profit & loss account for assessment year 2010-11 where the recovery of loss previously written off at ₹ 6,25,840/- is credited and offered to tax. The assessee has rightly claimed the business loss of ₹ 6,25,840/- and both the lower authorities erred in disallowing the same. We, therefore, delete the disallowance Disallowance of expenditure incurred towards payment of PF by the assessee - Held that:- It has been consistently held that such type of statutory payments on account of employer’s contribution are allowed as deduction if they are paid before the due date of filing the return of income as provided in section 43B. There is no dispute about the actual date of payment of the impugned amount is before the due date of filing the return of income. Therefore, delete the impugned disallowance of ₹ 1,03,694/- wrongly disallowed u/s 36(1)(va) r.w.s. 2(24)(10) - Assessee appeal allowed.
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