9911796707
TMI Blog2024 (9) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... o as "CIT(A)"), arising out of the intimation passed under section 143(1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2019-20. 2. The brief facts of the case are that the assessee is a Company engaged in Port activities filed its Return of Income for the Asst. Year 2019-20 on 22.11.2019 declaring total income of Rs. 71,07,71,610/- under normal provisions of the Act and Rs. 5,43,45,28,957/- under book profit under section 115JB of the Act. The return was taken for prima facie adjustment and a communication was sent to the assessee as to why not disallow Rs. 29,85,612/- being belated payment of Employees contribution to PF Fund. The assessee replied that it paid the employees contributio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the corpus. As an NPS account holder, you will receive the remaining amount as a monthly pension post your retirement. Earlier, the NPS scheme covered only the Central Government employees. Now, however, the PFRDA (regulatory act for NPS) has made it open to all Indian citizens on a voluntary basis. NPS scheme holds immense value for anyone who works in the private sector and requires a regular pension after retirement. The scheme is portable across jobs and locations, with tax benefits under Section 80C and Section 80CCD. There is a deduction of up to Rs. 1.5 lakhs to be claimed for NPS for your contribution as well as for the contribution of the employer." 3.1. The assessee further pleaded similar disallowance made for the earli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the payments was made beyond the due date. Accordingly, the adjustment made by the CPC Authority was not justified. 2.3 The Hon'ble ITAT accordingly may please direct for deleting the adjustment made to the total income in the intimation under Section- 143(1)(a). 3. The appellant craves leave to add, alter, amend and/or withdraw any of the grounds or ground either before or at the time of appeal hearing. 5. Ld. Counsel appearing for the assessee drawn our attention to the Right to Information Act query raised by the assessee before the Authority concerned at Page 13 of the Paper Book, wherein the assessee was informed to refer the concerned CCS, (Implementation of National Pension System) Rule 2021. The assessee also placed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntribution of Rs. 2,37,585 is not related to Employees Contribution to PF/ESIC. Infect, the same is mentioned as Contribution to any other welfare fund in point no. 20(b) of the Tax Audit report. The appellant has claimed that the said payment is towards the National Pension Scheme. The Appellant has elaborately explained the modus operadi of the NPS Scheme. It is clear that the payment to NPS is voluntary payment. Such payment can either be paid by employee directly or employee can ask employer to pay the same on his behalf. There is no due date mentioned in the scheme for making such payment The employees Contribution to NPS is not compulsory and it is voluntary payment hence such contribution cannot be subject matter of addition u's ..... X X X X Extracts X X X X X X X X Extracts X X X X
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