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| The Tax Publishers2020 TaxPub(DT) 3040 (Jp-Trib) INCOME TAX ACT, 1961
Section 43B
Where payment on account of ESI contribution was made by assessee before end of financial year relevant to assessment year under consideration and therefore, payment was made much before due date of filing of return of income under section 139(1), no disallowance could be made on account of late deposit of ESI contribution.
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Business disallowance under section 43B - Late deposit of ESI contribution - Payment made before due date of filing of return of income under section 139(1) -
Issue was as regards disallowance of Rs. 1,34,632 on account of late deposit of ESI contribution. Assessee contended that there was only minor delay in payment of ESI contribution however, payment was made before end of the financial year itself. Held: Payment on account of ESI contribution was made by assessee before end of financial year relevant to assessment year under consideration and therefore, payment was made much before due date of filing of return of income under section 139(1). Disallowance was unwarranted and was liable to be deleted.
Followed:M/s K.S. Automobiles Pvt. Ltd. v. ITO [ITA No. 1184/JP/2018 and 1185/JP/2018 dated 8-3-2019] PCIT v. Rajasthan State Beverages Corpn. Ltd (2017) 250 taxmann 16 (SC) : 2017 TaxPub(DT) 3917 (SC)
REFERRED : Pr. CIT v. Rajasthan Renewable Energy Corp. Ltd. (2017) 250 taxman 16 (SC) : 2017 TaxPub(DT) 3917 (SC) PCIT v. Rajasthan State Seed Corporation Ltd. (2016) 386 ITR 267 (Raj) : 2016 TaxPub(DT) 3851 (Raj-HC) CIT v. State Bank of Bikaner (2014) 99 DTR 131 (Raj) : 2014 TaxPub(DT) 1436 (Raj-HC) CIT v. Jaipur Vidyut Vitran Nigam Ltd (2014) 363 ITR 307 (JP) : 2014 TaxPub(DT) 1578 (Jp-Trib) CIT v. Udaipur Dugdh Utpadak Sahakari Sangh Limited (2014) 366 ITR 163 (Raj) : 2014 TaxPub(DT) 3815 (Raj-HC)
FAVOUR : In assessee's favour
A.Y. : 2014-15
IN THE ITAT, JAIPUR BENCH
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