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2019 (4) TMI 554 - AT - Income TaxAddition on late payment of ESIC and PF contribution - addition u/s.36(1)(5) r.ws 2(24)(x) - as alleged no payment within the stipulated period mentioned in the concerned Act - HELD THAT:- As relying on case of M/S CHECKMATE FACILITY AND ELECTRONIC SOLUTIONS PVT LTD. VERSUS DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1 [2018 (10) TMI 994 - GUJARAT HIGH COURT] no infirmity in the order passed by the authorities below in making the addition in total on account of delay in depositing the ESIC and PF contribution with the concerned authorities. Hence the ground of appeal preferred by the assessee is dismissed. Addition u/s 14A r.w. Rule 8D - no interest income earned by the assessee - HELD THAT:- This is a settled principle of law that when there is no exempt income available with the assessee disallowance u/s.14A r.w Rule 8D cannot be higher than the dividend income earned by the assessee while laying down the ratio the Jurisdictional High Court in the matter of Corretech Energy Pvt; Ltd. [2014 (3) TMI 856 - GUJARAT HIGH COURT] further held that if there is no tax free income in the hands of the assessee, then no disallowance under section 14A r.w. rule 8D of Income Tax Rules ought to be made. We restrict the disallowance to the dividend amount of ₹ 10,600/-. Thus the assessee appeal is partly allowed.
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