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TMI Blog2022 (7) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... fied in allowing deduction u/s 10 AA of the income tax act, 1961 without considering whether the interest income would be held to be derived from the industrial undertaking 2. whether on the facts and in the circumstances of the case, was the tribunal justified in failing to consider that the company itself had shown this interest income as income from other sources where by not making a claim of this interest income as business income 3. whether on the facts and circumstances of the case and in law, the learned CIT (A) was right in holding that bank interest is eligible to be treated as profit of understanding for purposes of Section 10 A and Section 10 AA, when the source of this income is the placement of disposal of funds with a fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .e. Section 43B in relation to employers contribution and Section 36 (1) (va) in relation to employees contribution after discussing in detail the ratio laid down in cases of CIT versus Alom Extrusion Ltd (2009) 319 ITR 306 (SC) 02. Brief facts of the case shows that assessee is a company engaged in the information technology enabled services as business process outsourcing, it filed its return of income on 28/11/2013 declaring a total income of Rs. 2,525,879,470/- as per the normal computation of income and the book profit was computed at Rs. 3,419,279,337/-. 03. Assessee is eligible for deduction u/s 10 AA of the income tax act, during the course of assessment proceedings assessee stated that it has earned interest income of Rs. 632,849 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... own case for assessment year 2008 - 09 to 2012 - 13 and therefore the issue is already covered hence he followed the decision of the coordinate bench. With respect to the disallowance u/s 36 (1) (va) read with Section 2 (24) (tax) of the income tax act he deleted the disallowance holding that since the contribution was deposited before the due date of filing of the return of income following decision of the honourable jurisdictional High Court. 07. Therefore, the learned assessing officer is aggrieved with the order of the learned CIT - A. 08. Despite notice to the assessee, none appeared on behalf of the assessee and therefore the appeal of the learned assessing officer is decided on the merits of the case as per information available o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... larly for February 2013, assessee deposited the contribution of Rs. 2,574,818/- on 22/2/2013 which was required to be the deposited on or before 21/2/2013 as per ESIC law. It is undisputed that both the above contribution has been deposited before the due date of filing of the return of income. The learned CIT - A deleted the disallowance following decision of the honourable jurisdictional High Court in case of CIT versus Ghatge patil transport private limited and CIT versus Hindustan organic chemicals Ltd 366 ITR 1. As the learned CIT - A has deleted the disallowance following the decision of the honourable jurisdictional High Court and no contrary decision is pointed out by the learned departmental representative, we do not find any infir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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