CIT v. George Williamson (Assam Ltd. (And Other Appeals)
INCOME TAX ACT, 1961
Business disallowance under section 43B- Contribution towards PF and ESI-Payment made after close of accounting period but before filing of return
Held: A common question of law raised is regarding interpretation of section 43B(b) read with the second proviso to the said section and section 36(1)(va). The matter relates to deposit of contributions made towards provident fund, etc., after the close of the accounting period but before the due date for filling of the return of income and whether in such cases the assessees are entitled to relief under section 43B(b). Therefore, the contributions towards provident fund, etc., paid before the filing of the return by the assessees was entitled for the deduction.
Income Tax Act, 1961 Section 43B read with section 36(1)(va)
Case Law Analysis:CIT v. South India Corporation Ltd. [2000] 242 ITR 114 (Ker.), General Finance Co. v. Asst. CIT [2002] 257 ITR 338 (SC), Kolhapur Canesugar Works Ltd. v. Union of India [2000] 2 SCC 536, Rayala Corporation (P.) Ltd. v. Director of Enforcement [1969] 2 SCC 412, CIT v. Bharat Bamboo and Timber Suppliers [1996] 219 ITR 212 (Gau.) and CIT v. Assam Tribune [2002] 253 ITR 93 (Gau.).
Decision: In favour of assessee