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2022 (7) TMI 1513 - ITAT PUNEDelayed payment of employees’ contribution towards EPF - deposits made before the due date - HELD THAT:- The said issue is covered in favour of assessee by the decision of Nipso Polyfabriks Ltd. [2012 (11) TMI 592 - HIMACHAL PRADESH HIGH COURT] as held that “there exists no difference between employees or employer’s contribution and both are to be allowed as deduction if deposited before the due date. The payment of employee’s contribution beyond the due date mentioned in the relevant statute but before the due date of filling the return of income u/s 139(1) is allowable expenditure. Thus, the Ground No.2 of the assessee is allowed. Nature of receipt - Subsidy received from Govt of Maharashtra under Industrial Promotion Scheme (IPS) - AO treated the subsidy for acquiring the fixed assets and accordingly reduced the subsidy amount from addition to block of plant and machinery - HELD THAT:- The subsidy shall not be reduced from the actual cost of fixed assets u/s 43(1) for the purpose of calculation of depreciation. Thus, respectfully following the ITAT Pune Bench in Shrinivas Engineering Auto Components Pvt. Ltd. [2022 (4) TMI 1486 - ITAT PUNE] the AO is directed to delete the addition of depreciation. Accordingly, Ground No.3 and 4 raised by the assessee are allowed. Addition of Dividend - AR submitted that the assessee has already offered the said dividend for taxation, hence there is double addition - HELD THAT:- The assessee shall file the required documents before the AO and AO shall verify the facts. If the assessee has already offered the said amount in the return of income there shall not be any double addition. Accordingly, this issue is set aside to the file of the AO for factual verification. Accordingly, the ground is allowed for statistical purpose.
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