Employees’ contribution to PF deposited before filing of return is allowable deduction

PCIT Vs Tv Today Network Ltd. (Delhi High Court) Held that disallowance u/s 36(1)(va) unsustainable as the amount of employees’ contribution to the provident fund deposited before filing of return. Facts- AO made disallowance under the head ‘consumption debtors’; disallowance on account of late deposits of employees contribution to provident fund u/s 36(1)(va) of the Act and disallowance under the head of section 14A read with rule 8D. CIT(A) deleted the disallowances. Being aggrieved, the revenue preferred the appeal before Tribunal. Tribunal also dismissed the appeal. Conclusion- Wit...