HERO WIRETEX LIMITED,VIZIANAGARAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

ITA 37/VIZ/2023Status: DisposedITAT Visakhapatnam27 September 2023AY 2018-19Bench: SHRI DUVVURU RL REDDY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)12 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal remitted the matter to the AO to verify if recipients filed returns and paid taxes for the Section 40(a)(ia) disallowance. The disallowance for belated PF/ESI contributions was upheld based on a Supreme Court ruling.

What were the facts?

The assessee company's return of income was adjusted under section 143(1) for non-compliance with Chapter XVIIB and for employees' contribution to PF/ESI. The CIT(A) partly allowed the appeal, restricting the disallowance.

What were the issues?

Whether disallowances under Section 40(a)(ia) and for belated PF/ESI contributions are valid adjustments under Section 143(1) and whether the second proviso to Section 40(a)(ia) has retrospective effect.

Which sections of the Income-tax Act were involved?

Section 143(1),Section 40(a)(ia),Section 139,Section 201

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

Hearing: 29.08.2023Pronounced: 27.09.2023

Per Shri Duvvuru RL Reddy, Judicial Member :

This appeal is filed by the assessee against the order of Commissioner of Income Tax (Appeals) [CIT(A)], Visakhapatnam-3 vide DIN & Order No.ITBA/APL/S/250/2022-23/1048638380(1) dated 11.01.2023, arising out of assessment order passed u/s 143(1) of the Income Tax Act, 1961 (in short ‘Act’) dated 21.02.2020 for the Assessment Year (A

The order continues below.

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