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2016 (5) TMI 459 - AT - Income TaxAllowance on account of speculation loss - Held that:- We are not inclined to interfere with the findings of CIT(A) who has rightly granted relief to the assessee on account of speculation loss Addition on belated payments of Provident Fund - Held that:- The assessee did not deposit the amount of contribution with the PF Department / DSI Department within due date under the PF Act and/or ESI Act - There is no amendment in Section section 36(1)(va) of the Income Tax Act and considering section 36(1)(va) of the Income Tax Act as it stands, with respect to any sum received by the assessee from any of his employees to which the provisions of clause (x) of sub-section (24) of section 2 applies, assessee shall not be entitled to deduction of such amount in computing the income referred to in section 28 if such sum is not credited by the assessee to the employees' account in the relevant fund or funds on or before the due date as per explanation to section 36(1)(va) of the Act - By deleting Second Proviso to section 43B by Finance Act, 2003, it cannot be said that Section 36(1) (va) is amended and/or explanation below clause (va) of sub-section (1) of section 36 is deleted, which is with respect to employees' contribution - See COMMISSIONER OF INCOME TAX II Versus GUJARAT STATE ROAD TRANSPORT CORPORATION (2014 (1) TMI 502 - GUJARAT HIGH COURT)- additions confirmed - Decided in favour of Revenue. Disallowance u/s 40(a)(ia) - Held that:- Disallowance by invoking provisions of Section 40(a)(ia) of the Act ignoring the fact that relevant TDS was deposited by the assessee prior to due date of filing of return of income. This is a legal contention raised by the assessee before us. Since the issue was not pressed before the CIT(A), so he did not pass any order on merits on this issue. Therefore, in the interest of justice, we restore this issue to the file of the CIT(A) and direct him to decide this issue after providing due opportunity of hearing to the assessee.
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