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2018 (11) TMI 776 - AT - Income TaxProvident fund and ESIC payments - delay in payment - Held that:- Referring to scope of amendment to the proviso to section 43B made by the Finance Act, 2003 contribution to provident fund is to be allowed deduction if the said sum is actually paid by the assessee on or before the due date of filing of return as stipulated in section 139(1) of the Income-tax Act - See KWALITY MILK FOODS LIMITED. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX, COMPANY CIRCLE - II (4). [2006 (3) TMI 262 - ITAT MADRAS-A]. Since in the present case all contribution towards provident fund and ESI were made by the assessee on or before the due dates of the filing of the return of income. Thus, in view of amended provi sions of law the claim of the assessee is allow able - decided against revenue. Addition as interest income being not charged by the assessee on the loan advanced to Elixier Impex (P.) Ltd. - Held that:- Finding of the learned Commissioner of Income-tax (Appeals) shows that the alleged account of Elixir Impex Pvt. Ltd. is a trade advance account and, therefore, the assessee was not liable to charge any interest on the same. Before us, the Revenue has utterly failed to bring any corroborative material on record to rebut the above finding of the learned Commissioner of Income-tax (Appeals). We, therefore, find no flaw in the order of the learned Commissioner of Income-tax (Appeals) and accordingly confirm the same.- Decided against revenue.
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