Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 1026 - ITAT VISAKHAPATNAMRevision u/s 263 - Not disallowing the deduction claimed by the assessee u/sec. 36(1)(iv) r.w.s. 43B of the Act, relating to the contribution to the Superannuation Fund paid to SBI Life Cap Superannuation Fund towards 80% of employer’s contribution for the F.Y. 2013-14 - HELD THAT:- The deduction u/sec. 36(1)(v) and the deduction u/sec. 36(1)(iv) both are for the benefit of the employees and pertained to the superannuation funds. Therefore the judgment of the Hon’ble apex court squarely applies to section 36(1)(iv) also, since the Superannuation Fund is also for the benefit of the employees. Having made the payments to the SBI Life Cap Assured Gold Superannuation Scheme and the Superannuation Fund of the company was approved by CIT subsequently, we hold that the decision of this Tribunal in the case of The District Co-operative Central Bank (supra) and the decision of Hon’ble apex court is equally applies to the assessee’s case also and accordingly we hold that the assessee is entitled for deduction u/sec. 36(1)(iv) r.w.s. 43B of the Act. As during the course of assessment proceedings, the Assessing Officer had examined the issue and taken a conscience decision for allowing deduction. The assessee placed a copy of note filed before the Assessing Officer. DR did not place any evidence to support that note was not placed before the Assessing Officer during the course of assessment proceedings. The assessee duly certified in the paper book that the note was filed before the Assessing Officer. Since the issue has been examined and the deduction was allowed by the Assessing Officer, the assessment framed u/sec. 143(3) cannot be held to be erroneous, hence, order passed by the Pr.CIT is unsustainable. Accordingly, we set aside the order passed u/sec. 263 and restore the assessment order. Thus, this appeal filed by the assessee is allowed.
|