TMI Blog2019 (11) TMI 1056X X X X Extracts X X X X X X X X Extracts X X X X ..... on this ground. Late deposit of EPF of employees contribution - It is stated by the assessee that all the amounts have been paid in EPF account before the due date of filing and filing of return of income - We find merit into the contention of the assessee as the law is settled by the judicial pronouncements that if assessee has deposited EPF, which is before the due date of filing of return, there should not be any disallowance. Hence, there is no prejudice caused to the revenue in this respect as well. Therefore, on both the issues invoking of provisions u/s 263 is not justified. We therefore, quash the impugned order being contrary to the settled principle of law. - Appeal filed by the assessee is allowed. - ITA No.273/Ind/2018 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 263 of the Act on the basis that since the assessee had debited depreciation of ₹ 62,66,000/- same was required to be added back in the computation of income. Further, the assessee deposited EPF of employees contribution amounting to ₹ 1,02,13,075/- belatedly. After considering the submissions of the assessee, the Ld. Pr. CIT cancelled the assessment order and directed the A.O. to reframe the assessment after examining the issues, which are referred in the impugned order. Aggrieved against this, the assessee has preferred the present appeal. 3. The only effective ground in this appeal is against the invoking provisions of section 263 of the Act. 4. Ld. Counsel for the assessee reiter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the absence of any one of the conditions would render invoking of jurisdiction u/s 263 of the Act as illegal and contrary to the settled law. 7. In the present case, the Ld. Pr. CIT has revised the assessment order on the ground that the assessing officer did not examine the issue related to the depreciation and the late deposit of the EPF in respect of employees contribution. It is contended by the Ld. Counsel for the assessee that assessee had charged depreciation of ₹ 62,60,000/- in profit loss account who at the same time reversed major part of the amount of ₹ 53,06,647/- in credit side of the profit loss account as other income. Thus, the assessee has claimed only book depreciation of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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