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2014 (2) TMI 190 - ITAT KOLKATADeduction for bonus shares written back Held that:- Only because the returns for the AYs. 1997-98 & 1998-99 were not submitted by the assessee, the provision written back had been disallowed by the AO - As said expenditure representing the bonus relating to the AYs. 1997-98 & 98-99 had never been claimed, in any earlier assessment years, he has allowed the same. Penalty contribution to ESI fund debited to P&L Account Held that:- A perusal of the regulations 31A of the Employees' State Insurance (General) Regulations, 1950 clearly shows that interest on contribution due, but not paid in time is compensatory in nature. In fact, regulation 31C of the ESI Regulations 1950 uses the word penalty, whereas regulation 31A is for simple interest on contribution due, but not paid in time - CIT(A) was right in law in deleting the addition made by the AO on account of interest on delayed payment of contribution to ESI. Deletion made u/s 43B of the Act Interest on sales tax Held that:- CIT(A) has deleted the addition representing interest on sales tax being prior period liability Relying upon Lakshmandass Mathuradas vs. CIT [1997 (12) TMI 16 - SUPREME Court] - the findings of the CIT(A) on the issue is on a right footing and does not call for any interference Decided against Revenue. Deletion made on employees' contribution to PF & ESI Allowability of delayed payment u/s 36(1)(va) r.w 2(24)(x) of the Act Held that:- CIT(A) has rightly deleted the addition by following Alom Exrusion Ltd Vs. CIT [2009 (11) TMI 27 - SUPREME COURT]. Miscellaneous expenses - Genuineness of expenditure Held that:- The AO has made an adhoc disallowance out of the miscellaneous expenses and brokerage without pointing out any specific defects in the accounts maintained by the assessee or vouchers produced - the CIT(A) was right in law in deleting the adhoc disallowance made by the AO. Deletion of addition made on account of CST Allowability of claim u/s 43B of the Act Held that:- Assessee has taken into consideration the fact that Govt of West Bengal Industrial Reconstructing Department has passed an order on 23-08- 2003, which has sanctioned sales tax loan in favour of the assessee and also has been directed in the same order to be paid in favour of the Commissioner of Commercial Taxes for clearing the liability of sales tax and interest thereon - the amount has been fully paid and in view of provisions of section 43B of the I.T Act 1961 the same is allowable in the year of payment being AY 2004-05 - CIT(A) is on a right footing and does not call for any interference Decided against Revenue.
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