ACIT Vs Syama Prasad Mookerjee Port (ITAT Kolkata)
In a recent ruling Kolkata Bench of ITAT dismissed appeal filed by the revenue on the issues of Contribution to approved Superannuation Fund to part fund the gap in Actuarial Valuation u/s 36(1)(iv) r.w.r 87 and Contribution to approved Gratuity Fund to part fund the gap in Actuarial Valuation u/s 36(1)(iv) r.w.r 103. Also, it confirmed findings of the CIT (A) on issue of Alleged belated remittance of Employee’s Contribution to Provident Fund (Sec. 36 (1) (v)
Assessee is a local authority engaged in providing port services under the direct control and supervision of the Ministry of Shipping. There are additions of four years pertaining to AY 2017-19, AY 2018-19, AY 2020-21 & AY 2021-22. There are addition regarding to Contribution to approved Superannuation Fund to part fund the gap in Actuarial Valuation u/s 36(1)(iv) r.w.r 87, Contribution to approved Gratuity Fund to part fund the gap in Actuarial Valuation u/s 36(1)(iv) r.w.r 103 and Alleged belated remittance of Employee’s Contribution to Provident Fund u/s 36(1)(va) (Pertain to AY 2018-19 only). On the basis of above grounds AO made addition of Rs. 2,72,71,71,322/- in AY 2017-18, Rs 7,52,17,91,882/- in AY 2018-19, Rs. 5,64,49,19,729/- in AY 2020-21 and Rs. 6,48,84,64,174/- in AY 2021-22.
