Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 83 - AT - Income TaxUndervaluation of closing stock - Held that:- Following CIT v. Loknete Balasaheb Desai S.S.K. Ltd. [2011 (6) TMI 48 - BOMBAY HIGH COURT] - The goods manufactured have not been sold during the year under consideration nor have been cleared from assessee's premises - Central excise liability cannot be said to have been incurred on such unsold manufactured goods lying in stock and consequently the addition of excise duty made by the Assessing Officer was rightly deleted by the learned CIT(A) - Decided against Revenue. Employees' contribution to provident fund - Held that:- Following CIT v. Aimil Ltd. [2009 (12) TMI 38 - DELHI HIGH COURT] - The assessee had made the payment before the due date of filing of the return - If the employees’ contribution is not deposited by the due date prescribed under the relevant Acts and is deposited late, the employer not only pays interest on delayed payment but can incur penalties also, for which specific provisions are made in the Provident Fund Act as well as the ESI Act - As the Income Tax Act is concerned, the assessee can get the benefit if the actual payment is made before the return is filed - Decided against Revenue.
|