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2019 (11) TMI 1056 - AT - Income TaxRevision u/s 263 - as per CIT AO did not examine the issue related to the depreciation and the late deposit of the EPF in respect of employees’ contribution - HELD THAT:- Assessee has claimed only book depreciation of ₹ 9,59,353/- which has been added back in computation of income causing no revenue loss. In support of this contention, assessee has drawn our attention to profit & loss account. The fact that the assessee has disclosed the depreciation as other income is not controverted by the revenue nor the Ld. Pr. CIT has brought any contrary material on record. Therefore, CIT was not justified in revising the assessment order on this ground. Late deposit of EPF of employees’ contribution - It is stated by the assessee that all the amounts have been paid in EPF account before the due date of filing and filing of return of income - We find merit into the contention of the assessee as the law is settled by the judicial pronouncements that if assessee has deposited EPF, which is before the due date of filing of return, there should not be any disallowance. Hence, there is no prejudice caused to the revenue in this respect as well. Therefore, on both the issues invoking of provisions u/s 263 is not justified. We therefore, quash the impugned order being contrary to the settled principle of law. - Appeal filed by the assessee is allowed.
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