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2014 (1) TMI 1444 - AT - Income TaxTaxability of amount waived by the sales tax department – Held that:- The deferred sales tax liability being the difference between the payment of net present value against the future liability credited by the assessee under the capital reserve account in its books of account was a capital receipt and could not be termed as remission/cessation of liability and, consequently, no benefit would arise to the assessee in terms of section 41(1)(a) - The decision in DY. COMMISSIONER OF INCOME TAX Versus M/s SULZER INDIA LTD [2012 (8) TMI 203 - ITAT MUMBAI] followed. Disallowance on account of delay in remittance u/s 2(24)(x) r.w section 36(1)(va) of the Act - Employees contribution to PF – Held that:- The payments have been made within the grace period of five days, which is permissible under the Provident Fund Act - The counsel drew out attention to the chart, which is part of Form 3CD - the Assessing Officer himself had admitted that the assessee had deposited the employees contribution to provident fund account within the grace period - As the amount has been deposited within the permissible grace period – there was no reason for the disallowance - the Assessing Officer directed to allow the claim of the assessee – Decided in favour of Assessee.
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