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2017 (3) TMI 1732 - AT - Income TaxAddition on account of delayed deposited of Employees contribution in PF - CIT(A) granted relief to assessee by observing that the amount of PF and ESI was deposited before due date as prescribed u/s. 139(1) - Held that:- Admittedly, the amount of PF and ESI was not deposited within due date as specified under the respective Act. There is no dispute that the amount of PF and ESI were paid within due dates of filing of IT return in the year under consideration. We find that issue is squarely covered in favour of assessee and against the Revenue as contribution were made within due date of filing IT return as observed by Ld. CIT(A) in his order. While doing so, we find support and guidance from the decision of Co-ordinate Bench of this Tribunal in the case of ACIT v. M/s Vijay Shree Ltd.[2011 (4) TMI 63 - ITAT KOLKATA] for AY 2006-07, wherein it was held that the “employees’ contribution” made towards PF before the due date of filing of return is allowable business expenditure. - Decided in favour of assessee. Addition invoking the provision of Rule 8D(2)(iii) r.w.s. u/s 14A - no exempt income earned by assessee - Held that:- Admittedly, there was no income earned during the year under consideration from the aforesaid investment. It is a settled law that no disallowance shall be warranted under the provision of Sec. 14A r.w. Rule 8D if there is under the year consideration. See CHEMINVEST LIMITED VERSUS COMMISSIONER OF INCOME TAX-VI [2015 (9) TMI 238 - DELHI HIGH COURT]- There is no dispute with regard to the fact that the assessee in the year under consideration has not earned any exempted income. - Decided in favour of assessee.
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