Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 743 - AT - Income TaxDisallowance of Employees’ contribution to PF paid beyond due date - CIT(A) deleted the addition - contention of the assessee is that the payments were made in advance and there was no delay in depositing the employees’ contribution to PF - Held that:- Tthe matter needs verification at the end of the AO. The ld.counsel for the assessee has placed on record a chart. The ld.counsel for the assessee has no objection if the matter is restored back to the file of AO for a limited purpose of verification with regard to deposit of employees’ contribution to PF authorities. In view of the submissions of the authorized representatives of the parties, we hereby set aside the order of the ld. CIT(A) and restore the issue to the file of AO for a limited purpose to verify the payment of the employees’ contribution. - Decided in favour of revenue for statistical purposes. Exclusion of provisions for gratuity for the computation of book profit u/s.115JB as directed by CIT(A) - Held that:- CIT(A) has referred the case of Bharat Earth Movers [2000 (8) TMI 4 - SUPREME Court] and certain decisions of the Tribunal and then came to the conclusion that the provision for gratuity was made on acturial valuation; hence, it was not an unascertained liability. In our opinion, there was no fallacy in the said verdict of learned CIT(A) because the assessee has demonstrated that the provision for gratuity was made on the basis of specific calculation and it was not an unascertained liability. In the case of EICHER MOTORS LTD. [2002 (5) TMI 221 - ITAT INDORE] it was held by the respected co-ordinate Bench that the provision for gratuity based upon acturial valuation was not an unascertained liability which could be added back while computing the book profit for the purpose of Section 115JB. Respectfully following this decision, no interference is required in the view taken by learned CIT(A). - Decided against revenue.
|