TMI Blog2014 (1) TMI 83X X X X Extracts X X X X X X X X Extracts X X X X ..... RT] - The assessee had made the payment before the due date of filing of the return - If the employees’ contribution is not deposited by the due date prescribed under the relevant Acts and is deposited late, the employer not only pays interest on delayed payment but can incur penalties also, for which specific provisions are made in the Provident Fund Act as well as the ESI Act - As the Income Tax Act is concerned, the assessee can get the benefit if the actual payment is made before the return is filed - Decided against Revenue. - ITA No. 1143/Rjt/2010 - - - Dated:- 31-12-2013 - Shri T. K. Sharma, JM And Shri B. R. Jain, AM,JJ. For the Petitioner : Dr. J. B. Jhaveri, DR For the Respondent : Shri D. M. Rindani, CA ORDER B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l relating to addition of Rs.21,27,572/- are that the assessee is a manufacturer of extruded rods/wires etc. It has valued the stock of goods manufactured without including excise duty payable thereon. The Assessing Officer being of the view that the assessee has incurred liability of excise duty as soon as the goods have been manufactured and are kept in stock; the cost so incurred shall have to be included as part of the cost of stock of the assessee in terms of provisions of Section 145A of the Act. Since the assessee did not include the excise duty payable thereon as cost in valuing the closing stock held by it as at the close of the year, it did not accept assessee's case of its liability having been incurred at the time of clearance a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... borate discussion on this issue has also been made by the Apex Court in the case of CIT v. Dynavision Ltd., (2012) 348 ITR 380 (SC). In the appellant's case before us, the goods manufactured have not been sold during the year under consideration nor have been cleared from assessee's premises. Central excise liability cannot be said to have been incurred on such unsold manufactured goods lying in stock and consequently the addition of excise duty made by the Assessing Officer to the value of Rs.21,27,572/- was rightly deleted by the learned CIT(A). This view is in conformity with the judgment rendered by Hon'ble Bombay High Court in the case of CIT v. Loknete Balasaheb Desai S.S.K. Ltd., (2011) 339 ITR 288 (Bom). Accordingly, grounds No.1 an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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