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2022 (9) TMI 826 - AT - Income TaxDelayed employees’ share towards ESI and PF set up for the welfare of the employee u/s 36(1)(va) read with section 2(24)(x) - amount paid within the due dates of filing of return u/s 139 - HELD THAT:- As decided in HARENDRA NATH BISWAS VERSUS DCIT, CIRCLE-29 KOLKATA [2021 (7) TMI 942 - ITAT KOLKATA] we do not accept the CIT(A)’s stand denying the claim of assessee since assessee delayed the employees contribution of EPF & ESI fund and as per the binding decision of the Hon’ble High Court in Vijayshree Ltd. [2011 (4) TMI 63 - ITAT KOLKATA] u/s 36(1)(va) of the Act since assessee had deposited the employees contribution before filing of Return of Income. Therefore, the assessee succeeds and we allow the appeal of the assessee. Disallowance u/s 14A - Expenditure incurred on exempt income - HELD THAT:- This is settled legal position that disallowance cannot exceed the exempt income. Accordingly we set aside the order of ld. CIT(A) on this issue and direct the AO to restrict the disallowance to exempt income. Disallowance u/s 14A to book profit u/s 115JB - HELD THAT:- After hearing the rival contention and perusing the applicable provisions of law with the ratio laid down by various judicial forums, we set aside the order of ld. CIT(A) and direct the AO not to make any addition to book profit qua the disallowance u/s 14A. The ground is allowed.
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