TMI Blog2019 (4) TMI 551X X X X Extracts X X X X X X X X Extracts X X X X ..... ing transaction, that the revenue generated by it from overseas, that hedging transaction were entered into by the assessee as a safeguard against exchange rate fluctuation, that hedging is directly related to export business of the assessee. - Decided against revenue Disallowance u/s 43B - ESIC & PF contribution paid beyond due date - HELD THAT:- As decided in assessee's own case as relying on Hindustan Organics Chemicals Ltd.(2014 (7) TMI 477 - BOMBAY HIGH COURT) and Ghatge Patil Transporters Ltd. (2014 (10) TMI 402 - BOMBAY HIGH COURT) held that employee’s contribution to PF had to allowed as deduction, if it was paid by the employer before the due date of filing of income. - Decided against revenue. - ITA No. 5756/Mum/2017 - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Hon'ble Jurisdictional High Court in the case of CIT Vs Hindustan Organics Chemicals Ltd. and CIT Vs Ghatge Patil Transports Ltd. which was not accepted by the Department filed SLP before the Hon'ble Supreme Court? The appellant prays that the order of the CIT(A) on the above grounds be set aside and that of the ITO 9(3)(3) be restored. 2. At the outset of hearing, the ld. Authorized Representative (AR) of the assessee submits that both the grounds of appeal raised by revenue are covered in favour of assessee and against the revenue in assessee s own case for Assessment Years 2010-11 (ITA No. 101/Mum/2016), 2011-12 (ITA No. 181/Mum/2017) 2013-14 (in ITA No.5755/Mum/2016). The ld. AR of the assessee furnished the co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that hedging transaction were entered into by the assessee as a safeguard against exchange rate fluctuation, that hedging is directly related to export business of the assessee. Considering these facts we are of the opinion that the order of the FAA does not suffer from any legal or factual infirmity, So, confirming the same, we decide the second effective ground of appeal against the AO. 5. Further, in appeal for Assessment Year 2011-12, the Tribunal by following the decision of Assessment Year 2010-11, passed the following order: 8 Next issue relates to the eligibility of the assessee to claim deduction under Section 10AA of the Act in respect of interest income from FDI and sundry balances written back. For the reasons stated in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and ₹ 4.15 lakhs respectively that were paid beyond the due dates specified in respective Act. The AO had disallowed the disputed amounts as they were paid beyond the due dates. However, the FAA relying upon the cases of Hindustan Organics Chemicals Ltd.(ITA. 399 of 2012 and Ghatge Patil Transporters Ltd. ITA 1002 of 2012 and 1034 of 2012) held that employee s contribution to PF had to allowed as deduction, if it was paid by the employer before the due date of filing of income. 9. Considering the decision of Hon ble jurisdictional High Court in Ghatge Patil Transporters Ltd. in ITA No. 1002 of 2012 and 1034 of 2012, which was followed by co-ordinate bench of Tribunal, we do not find any merit in the ground of appeal raised by rev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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