DCIT, NEW DELHI vs. M/S. PEB STEEL LLOYD (INDIA) LTD., NEW DELHI

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ITA 5610/DEL/2015Status: DisposedITAT Delhi30 November 2018AY 2012-136 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee is entitled to deduction for PF and ESI contributions even if deposited after the due dates, provided the deposit is made before the filing of the income tax return. The CIT(A) had rightly deleted the addition.

What were the facts?

The Assessing Officer disallowed the deduction for PF and ESI contributions amounting to Rs. 54,54,823/- due to late deposit. The assessee had deposited these amounts before filing the income tax return, along with interest and penalties.

What were the issues?

Whether late deposit of employee's contribution towards PF and ESI, made before filing the income tax return, is allowable as a deduction.

Which sections of the Income-tax Act were involved?

Section 36(1)(va),Section 2(24)(x),Section 43B

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, DELHI BENCH ‘D’ : NEW DELHI

Before: SHRI N.K. BILLAIYA & SHRI KULDIP SINGH

For Appellant: Shri K.V.S.R. Krishna, CA
For Respondent: Shri Naina Soin Kapil, Senior DR
Hearing: 29.11.2018

So, finding no illegality or perversity in the finding returned by the ld. CIT (A), the appeal filed by the Revenue is hereby dismissed. Order pronounced in open court on this 30th day of November, 2018.

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