2017 (3) TMI 150 - SCH - Income Tax

Expenditure of privilege fee treated as allowable expenditure Excise duty addition to closing stock - applicably of provisions of section 145A - Held that - Under Section 145A only the tax duty, cess or fees actually paid or incurred by the assessee to bring the goods to its place of location forms part value of stock. Unpaid excise duty on goods in stock that have not left the premises/factory/bonded warehouse, could not be added to the value of closing stock. Addition on account of depositing the PF/ESI payment beyond the prescribed time - Held that - If PF/EPF/CPF/GPF etc., if paid after due date under the respective Act but before filing of the return of income under Section 139(1) of the IT Act, the same cannot be disallowed. - HC order 2016 (5) TMI 1326 - RAJASTHAN HIGH COURT confirmed