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53 orders · Page 2 of 2
The Tribunal held that if the employee's contribution to EPF is deposited before the due date of filing the return of income under Section 139(1), it cannot be disallowed under Section 36(1)(va) read with Section 43B. The amendment by the Finance Act, 2021, is prospective and not applicable to the assessment year in question.
The Tribunal held that the penalty under Section 271(1)(b) could only be invoked for specific defaults listed in the section, and non-compliance with Section 142(1) notices, if not falling under those specific categories, would not attract this penalty. The Tribunal also considered the assessee's submission that the notices were not received due to a change of address and found the reasons to be bonafide.
The ITAT held that the rejection of books of account under Section 145(3) was unjustified as the assessee maintained books and the issue of stock register was due to the nature of business. The Tribunal also held that interest income and miscellaneous receipts were part of business income, not income from other sources.