TMI Blog2022 (8) TMI 1221X X X X Extracts X X X X X X X X Extracts X X X X ..... act that the A.O had examined all these aspects and therefore, in our considered view the assessment order is neither erroneous nor prejudicial to the interest of the revenue. Respectfully following the aforesaid judicial pronouncement, we quash the revisionary order passed u/s 263 of the Act by the ld. Pr. CIT and allow the grounds of appeal of the assessee. - ITA No. 649/PUN/2020 - - - Dated:- 25-8-2022 - SHRI INTURI RAMA RAO , ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY , JUDICIAL MEMBER Appellant by : Shri Hari Krishan Respondent by : Shri Hitendra B. Ninawe ORDER PER PARTHA SARATHI CHAUDHURY , JUDICIAL MEMBER This appeal preferred by the assessee emanates from the order of the ld. Pr. Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and on due application of mind. 4. In the following judgments it has been held that the employee s contribution to provident fund is allowable as deduction u/s 43B of the Act if it is paid to the government account before the due date of filing the return of income, even though it might have been paid after the due date prescribed under the Provident Fund Act. M/s. Ghatge Patil Transports Ltd. 53 taxmann.com 141 (Bombay) M/s. Kalyani forge Ltd. ITA No. 569/PUN/2014. State Bank of Bikaner iaipur - 69 taxmann.com 365 (Jaipur - Trib.). Mark Auto Industries Ltd. - 40 taxmann.com 482 (Punjab Haryana). Bihar State Warehousing Corpn. Ltd. - 393 ITR 396 (Pat). Rajasthan State Ganganagar Sugar Mills Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the binding judgements of the Jurisdictional High Court and Jurisdictional Bench of the Tribunal, cannot be regarded as erroneous and prejudicial to the interest of the revenue even though an SLP filed by the. department on this issue in some other case may be pending before the Hon'ble Supreme Court. 2. The assessee is aggrieved with assumption of revisionary jurisdiction by the ld. Pr. CIT in passing order u/s 263 of the Act. The ld. Pr. CIT has held that the A.O did not examine the issue of allowability of the employees‟ contribution to Provident fund amounting to Rs. 19,84,130/- and has allowed the same without any verification making the assessment order erroneous and prejudicial to the interest of revenue. However, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant material on record, it is seen that the issue under consideration is no more res integra in view of the judgment of the Hon ble Bombay High Court in CIT Vs. Ghatge Patil Transports Ltd. (2014) 368 ITR 749 (Bom.) in which it has been held that deduction for payment of employees contribution cannot be disallowed in case the contribution of employees share in the Welfare Funds got credited on or before the due date. ITA 5. At this juncture, it is relevant to mention that the Finance Act, 2021 has inserted Explanation 2 below section 36(1)(va) providing that the provisions of section 43B shall not apply for the purpose of determining the due date under this clause w.e.f. 01.04.2021. The effect of this amendment is that if ..... X X X X Extracts X X X X X X X X Extracts X X X X
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