ACIT(E), CIRCLE- 1(1), NEW DELHI vs. INDIAN AIRLINES EMPLOYEES PROVIDENT FUND, NEW DELHI
In the result, appeal of the ld AO is dismissed
ITA 1687/DEL/2018[2013-14]Status: DisposedITAT Delhi03 Aug 2021AY 2013-14
Bench: Shri Kul Bharat & Shri Prashant Maharishi(Through Video Conferencing) Acit(E), Vs. Indian Airlines Employees Circle-1(1), Provident Fund, 113, Airlines New Delhi House, Gurudwara Rakab Ganj Road, Near Sansad Marg, New Delhi Pan: Aaati2893R (Appellant) (Respondent)
For Appellant: Shri Rajhesh Aggarwal, CAFor Respondent: Shri Najmi, CIT DR
Section 10(25)Section 10(25)(i)Section 10(25)(ii)Section 143(3)Section 58B(1)
return of income on 26.03.2015. The case of the assessee was selected for scrutiny and the ld AO questioned the exemption under section 10(25) of the Act. According to the ld AO the assessee has repayable withdrawal of Rs. 13.31crores, delayed payments of Rs. 8.25 crores and interest ... paid for prior period of Rs. 5.53 crores, totaling all to Rs. 21.62 crores which are not covered by provisions of section 10(25)(i) of the Act as only interest of government securities and public securities is exempt. Therefore, the above sum of Rs. 21.62 was disallowed