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| The Tax Publishers2021 TaxPub(DT) 2129 (Chen-Trib) INCOME TAX ACT, 1961
Section 43B
Where the entire amounts, i.e., the employees part of contributions to PF and ESI had been remitted before the due date of filing of return of income under section 139(1), the same should be allowed as deduction under section 43B.
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Business disallowance under section 43B - Contributions towards PF and ESI - Paid before due date of filing return -
AO held that unlike the employer's contributions, the employees part of contributions to PF and ESI are not allowable under section 43B since the said contributions were not paid by the assessee within the due dates as specified in the respective Acts, and such unpaid employees' contributions were liable for disallowance under section 36(1)(va) read with section 2(24)(x). Held: As in this case, on perusal of the details of break-up of the PF/ESI contributions remitted on the actual dates as furnished by assessee, it was found that the assessee had remitted the remittance of the employee's contributions to PF and ESI much before the filing of the return of income under section 139(1). In view of the above facts and following the decision rendered in the case of CIT v. Industrial Security & Intelligence India Pvt. Ltd. in TCA Nos. 585 and 586 of 2015, dated 24-7-2015, no infirmity could be found in the order passed by CIT(A) on this issue and accordingly, the ground raised by the Revenue was dismissed.
Followed:CIT v. Industrial Security & Intelligence India Pvt. Ltd. TCA Nos. 585 and 586 of 2015, dated 24-7-2015
REFERRED :
FAVOUR : In favour of assessee.
A.Y. : 2014-15
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