Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 375 - AT - Income TaxDelayed employees contribution to PF and ESIC - due date for making payment - whether the payments of contribution in the present case were made within 15 days (allowed with further grace period of 5 days) from the close of the respective months during which the disbursement of the salary/wages were actually made? - HELD THAT:- As decided in case of The Master Polishers[2023 (4) TMI 1224 - ITAT MUMBAI] it will be appropriate if the term every month' specified in Provident Fund scheme, whether it is the month for which salary/wages are due or month of the payment is referred to Relevant Authorities for finding out with reference to any judicial precedent in respect of provisions of the relevant Act. Accordingly, restored this issue back to the file of the AO with the direction to find out from the relevant PF authorities about the term every month' as mentioned in clause 38 of the employees provident fund scheme. Similarly, he may find out from the ESI Authorities. Thus we restore this issue to the file of the AO to decide the issue. Expenses incurred on employees stock option scheme - allowable deduction u/s 37 or not? - HELD THAT:- We find that the issue is covered in favour of the assessee in the case of Pr. CIT Vs. Lemon Tree Hotels Pvt. Ltd [2019 (4) TMI 602 - SC ORDER] We also notice that the ld. CIT (Appeals) while allowing the claim of the assessee followed the decision of PCIT Vs. Lemon Tree Hotels Pvt. Ltd. [2018 (4) TMI 1680 - DELHI HIGH COURT] and also case of CIT Vs. Biocon Ltd [2020 (11) TMI 779 - KARNATAKA HIGH COURT] Thus, we see no infirmity in the order passed by the CIT (A) in allowing the claim of ESOP expenses under section 37(1) of the Act. The ground raised by the Revenue is rejected.
|