Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 813 - AT - Income TaxAddition u/s 36(1)(va) read with section 2(24)(x) -Employees' contribution to PF and ESI - failure to deposit before due date - assessee has deposited Employees Contribution to PF/ESI beyond the due date specified under the relevant Act - HELD THAT:- The issue on hand has already been decided against the assessee by the judgment of Hon’ble Gujarat High Court in the case of CIT v/s GSRTC [2014 (1) TMI 502 - GUJARAT HIGH COURT] There is no ambiguity to the fact that the assessee failed to deposit Employees Contribution to PF/ESI with in the due date specified under the relevant Act i.e. PF/Employees State Insurance. Thus the assessee is not entitled for the deduction for such amount of contribution to PF/ESI as discussed above in view of the judgment of Hon’ble Gujarat High Court. In view of the above we do not find any merit in the ground of appeal raised by the assessee. Hence the ground of appeal of the assessee is hereby dismissed. Addition being the provision for bad and doubtful debts as provided under explanation 1 of clause (vii) to section 36(1) - HELD THAT:- Assessee has claimed deduction for the provision of doubtful debts which was adjusted against the trade receivables as evident from the relevant schedule of the Balance Sheet of the assessee. we hold that the assessee is entitled to claim the deduction with respect to the provisions made by it against the trade receivables in the given facts and circumstances. Accordingly, we are not convinced with the finding of the authorities below and therefore the same deserves to be reversed. - Decided in favour of assessee.
|