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Disallowance on delay in payment toward employee’s contribution to PF u/s 36(1)(va) via u/s 143(1) deleted in absence of adequate intimation to the assessee.
Existence of books of account maintained by assessee was a condition precedent for making addition under section 68. Where assessee had not maintained books of account, there was no legal scope to invoke provisions of section 68 and as such, addition made on such premise was to be deleted.
Bangalore Bench of the Tribunal in the case of M/s. Shetty Constructions v. ACIT has held that rejection of books of account is a precondition for making reference to the DVO.
The document impounded herein is duly supported by all the correct entries as per assessee’s stand itself, addition u/s 68 tenable