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2018 (6) TMI 548 - AT - Income TaxDisallowance u/s 43B - Addition in respect of late payment of PF - Held that:- Assessee had paid the PF beyond the grace period after the due date under the relevant Act but well before the due date for filing the return of income u/s 139(1) - the issue is covered in favor of assessee by the decision of the jurisdictional High Court in the case of CIT Vs Ghatge Patil Transport Ltd (2014 (10) TMI 402 - BOMBAY HIGH COURT) in which it has been held that the employers as well as the employees contribution were subject to the provisions of section 43B and the assessee was entitled to the deduction in respect thereof - hence we delete the disallowance made by AO - Decided in favor of assessee. Power of CIT(A) to enhance the assessment - Exercise of power u/s 251(2) - Held that:- While enhancing the assessment learned Commissioner (Appeals) has acted strictly in accordance with the statutory mandate as provided u/s 251(1)(a) and (2) - hence contention of the assessee that the exercise of power of enhancement is without jurisdiction cannot be accepted - thus dismissed. Under valuation of closing stock of diamond jewellery - Held that:- Assessee has not furnished any details to substantiate its claim that the purchases and sales shown in the stock statement include diamond jewellery set in gold and platinum and opening and closing stock consist of only lose diamond - thus to provide an opportunity to the assessee to justify the valuation of closing stock of diamond jewellery we restore the issue to the AO for fresh adjudication after due opportunity of being heard to the assessee - allowed for statistical purpose.
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