Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 1464 - ITAT BANGALORERe-computation of deduction u/s 10A - Held that:- Rhe issue raised by the revenue is no longer res integra and has now been decided by the Hon’ble High Court of Karnataka in the case of in the case of Tata Elxsi Ltd. in(2011 (8) TMI 782 - KARNATAKA HIGH COURT ) wherein it has been held that whatever is excluded from export turnover should also be excluded from the total turnover. Addition being employees contribution of PF and ESI on account of its remission beyond the due date - CIT(A) deleted the addition - Held that:- As decided in case of M/s Sabari Enterprises [2007 (7) TMI 169 - KARNATAKA HIGH COURT] the explanation clause(va) of Section 36 of the IT Act, further makes it very clear that the amount actually paid by the assessee on or before the due date applicable in this case at the time of submitting returns of income under section 139 of the Act to the revenue in respect of the previous year can be claimed by the assessees for deduction out of their gross income. The above said statutory provisions of the IT Act abundantly make it clear that the contention urged on behalf of the revenue that deducted from out of gross income for payment of tax at the time of submission of returns under section 139 is permissible only if statutory liability of payment of PF or other contribution funds referred to in clause(b) are paid within the due date under the respective statutory enactments by the assessees as contended by the learned counsel for the revenue is not tenable in law and therefore, the same cannot be accepted by us - Decided against revenue.
|