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2015 (6) TMI 802 - AT - Income TaxDisallowance of deduction claimed U/s 80IC - CIT(A) allowed part claim - Held that:- CIT(A) had given detailed findings in his order dated 06/07/2012 and verified the XIII schedule items and held that PVC Pipe do not fall in excise classification 39.09 to 39.15 of Schedule-XIII of Act or under Schedule 14. Further, the auditor had corrected the audit report in column No. 26(A) in form No. 10CCB. Further the ld DR has not controverted the finding given by the ld CIT(A). Therefore, we uphold the order of the ld CIT(A) on this ground. - Decided against revenue. Trading addition - CIT(A) allowed part claim - Held that:- The assessee has shown G.P. rate during the year under consideration @ 27.36% as against 29.95% in immediate preceding year on gross turnover of ₹ 4,62,90,109/- during the year under consideration and ₹ 4,14,49,005/- in immediate preceding year. The assessee’s item produced is under excisable items where excise audit has been done by it. The assessee has produced all the sale/purchase vouchers. There was a difference in account of some of the parties, which has been reconciled by the assessee before the ld CIT(A) and also explained the cash payment U/s 40A(3) of the Act. During the year, the assessee’s sale also has gone up compared to preceding year and there is a marginal decline in the G.P. rate. The ld DR had not controverted the finding given by the ld CIT(A). Therefore, we uphold the order of the ld CIT(A). Accordingly, this ground of revenue is dismissed. - Decided against revenue. Addition U/s 2(24)(x) r.w.s. 36(1)(va) - ESI & PF payments were not made in time as per audit report.CIT(A) deleted addition - Held that:- The ld CIT(A) has considered the various case laws on this issue including the SLP of Hon’ble Apex Court in the case of Vinay Cement Ltd. (2007 (3) TMI 346 - Supreme Court of India) and rejected the appeal after observing that the assessee had paid these payments U/s 43B of the Act on or before due date of return, therefore, SLP was rejected after considering the Hon’ble Delhi High Court decision in the case of said assessee. Therefore, we do not find any reason to intervene in the order of the ld CIT(A). - Decided against revenue.
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