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TMI Blog2015 (9) TMI 1481X X X X Extracts X X X X X X X X Extracts X X X X ..... of Privilege Fees without appreciating the fact that said payment was application of income or appropriation of profit and also the fact that these expenses are of capital nature. (2)(a) Whether on the facts and in the circumstances of the case and in law the ld. CIT (Appeals) has erred in deleting addition of Rs. 22,23,566/- made for depositing the employees' Contribution to PF beyond the prescribed time limit provided in the respective Acts. (b) Whether on the facts and in the circumstances of the case and in law the ld. CIT (Appeal) has erred in holding that employees contribution to PF are governed by the provision of section 43B and not by section 36(1)(va) r.w.s. 2(24)(x) of I.T. Act. 2. Brief facts of the case are that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TA No. 166/JP/2012 for the A.Y. 2008-09. The relevant finding of the Tribunal for the A.Y. 2007-08 vide its order dated 21.10.2011 in ITA No. 540/JP/2011 is reproduced as under :- "14. The ld. CIT(A) after considering the observation deleted the addition after observing as under:- In the present case the assessee company was granted exclusive privileges for wholesale trade of Indian made Foreign Liquor and Beer in the state of Rajasthan for the financial year 2006-07 under the provisions of the Rajasthan Excise Act, 1950 by competent authority under the said Act. In exercise of its powers u/s 30 and 42(c) of the Rajasthan Excise Act, 1950, the competent authority under the said Act has levied a privileges fees of Rs. 15 crores for finan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de para 3.3 of his order following the order of his predecessor for the A.Y. 2008-09. The ld. Counsel for the assessee contended that the assessee deposited the payment of PF and ESI before the due date of filing of return for the impugned assessment year which is in accordance with the provisions of section 43B of the Act. The ld. Counsel for the assessee relied upon the decision of Apex Court in the matter of CIT vs. Vinay Cement, 213 CTR 268 and also relied upon the Judgment in the case of CIT vs. P.M. Electronics Ltd., 313 ITR 161, CIT vs. AIMIL Ltd. & Others., 321 ITR 508 7. We have herd rival contentions and perused the material on record. We find that the judgment of Hon'ble Supreme Court (supra) is squarely applicable to the questi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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