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Employees’ PF/ ESI Contribution allowable as a deduction u/s 36(1)(va) if paid by due date prescribed therein
Case Law Details
- Case Name
- ITO Vs. LKP Securities Ltd (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008- 09
- Courts
- All ITAT, ITAT Mumbai
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ITO vs. LKP Securities Ltd (ITAT Mumbai), I.T.A. No.638/Mum/2012 & I.T.A. No.1093/Mum/2012 , Date of Pronouncement- 17.05.2013
Revenue’s second ground concerns the dis allowance u/s.2(24)(x) r.w.s. 36(1)(va) of the Act on account of employee’s contribution to the Employees Provident Fund (EPF) and Employees State Insurance Corporation (ESIC) in the sum of Rs.35,70,973/- and Rs.46,229/- respectively. The A.O. made the dis allowance on the basis that the payments were made beyond the due date, being 15th of the following month in respect of contributions to the Provident...
problem is income tax Act faces changes every year by one or other finance Acts.. so AOs need to be very careful, else they would fall under culpable negligence like mens rea they use in sec 271(1)(c)..without care if any one does culpable negligence would attract…AOs need to be careful and they cannot offend the taxpayers they are the kamadenu for the revenue of the govt.. can any one offend a kamadenu!