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2020 (10) TMI 1119 - ITAT CHENNAI
Employees contribution received from its employees towards PF/ESI - deposited with PF/ESI authorities beyond the time stipulated under the relevant PF/ESI Act but were deposited within the time stipulated for filing of return of income under the provisions of Section 139(1) - HELD THAT:- As relying on M/S. UNIFAC MANAGEMENT SERVICES (INDIA) PRIVATE LIMITED [2019 (1) TMI 1787 - MADRAS HIGH COURT] and M/S. REPCO HOME FINANCE PVT. LTD. [2020 (6) TMI 470 - ITAT CHENNAI] we decide the issue in favour of the assessee by holding that the employee contribution towards PF/ESI received by assessee from its employees which was deposited beyond the due date as prescribed under the relevant statute governing PF/ESI but were deposited within the due date prescribed for filing of return of income u/s 139(1) of the 1961 Act shall be allowed as deduction while computing income of the assesse under Chapter IV-D of the 1961 Act under the head ‘Profits and Gains from Business or Profession’. - Decided in favour of assessee.