Assessee not eligible for deduction u/s 80IB on the amount disallowed by AO due to delayed payment of employee’s contribution of P.F

ITO Vs Millennium Writing Products Pvt Ltd. (ITAT Kolkata)- Deduction u/s. 80IB of the Act is available to an assessee whose gross total income includes any profits and gains derived from eligible business as specified in the section. Here the assessee is claiming deduction on an item of dis-allowance made by the Assessing Officer on account of employees’ contribution to PF, which was not deposited within the due date. This is neither an item of profit or gain of eligible business nor an item of Profit & Loss Account or manufacturing account rather it is just an employees’ contributi...