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2016 (8) TMI 738 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - violation of provisions of Section 43B - non payment of employer contribution towards PF/ESIC within time stipulated under the approved installment scheme - Held that:- The assessee came out with explanation which was a bonafide explanation which satisfied the mandate of Section 271(1)(c) of the Act and hence penalty u/s 271(1)(c) of the Act against the assessee is not exigible in this case subject to verification of the plea of the assessee that it has been granted installment scheme by the PF/ESIC authorities for payment of employer contributions towards PF/ESIC dues of ₹ 27,84,655/- and the assessee has duly complied with the said approved installment scheme while making payment of employer contribution towards PF/ESIC dues of this amount of ₹ 27,84,655/ - within time stipulated under the said approved installment scheme . The assessee is directed to produce the copy of approval letters from PF/ESIC authorities before the A.O. approving installment scheme with reference to employer contribution of ₹ 27,84,655/- towards PF/ESIC dues and the A.O. shall verify the same as per our directions as setout above and thereafter delete the penalty levied u/s 271(1)(c) of the Act after being satisfied that the assessee has duly paid the said employer contribution of ₹ 27,84,655/- towards PF/ESIC within time stipulated under the approved installment scheme. - Decided in favour of assessee.
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