AO
made disallowance u/s 43B in respect of employees’ contribution to PF considering
the said payment to be belated since the same was deposited after the due date
prescribed under the PF Act. The said disallowance was deleted by CIT(A) as well
as ITAT consequent to which revenue preferred an appeal before the Hon’ble High
Court. Hon’ble High Court observed that the ITAT had deleted the said
disallowance on the count that the said assessee had deposited the said sum within
the extended grace period under the PF Act. It was held that since the assessee
was entitled to make the said payment under PF Act within the grace period and
since the assessee had made the said payment within such grace period, it
cannot be said that the assessee had not deposited the amount within the
prescribed time limit. Accordingly, Revenue’s appeal was dismissed.
[CIT
vs. Amoli Organics (P) Ltd. – Tax Appeal No.36 of 2008]
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