Invocation of section 263 for delayed payment of employees’ contribution to PF/ESIC sustained: ITAT Ahmedabad

Parry Engineering & Electronics Ltd. Vs PCIT (ITAT Ahmedabad) ITAT Ahmedabad held that invocation of section 263 of the Income Tax Act for issue of delayed payment of employees’ contribution to PF/ESIC justifiable as AO’s failure to examine has rendered assessment order erroneous and prejudicial to interest of revenue. Facts- Pr. CIT issued a notice u/s. 263 of the Act, observing that the AO had erroneously allowed the deduction u/s. 80IA(4) of the Act despite the assessee not submitting the necessary evidence in support of the claim during the assessment proceedings. Pr. CIT also note...