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TMI Blog2013 (11) TMI 971X X X X Extracts X X X X X X X X Extracts X X X X ..... rcumstances of the case and in law, was the Appellate Tribunal is right in deleting the disallowance of belated payment of PF and ESIC, even though the specific provision in the form of Proviso to Section 43B of the I.T. Act existed in this regard? [2] Heard Mr. Sudhir Mehta, learned counsel appearing on behalf of the appellant and Mr. S. N. Soparkar, learned senior counsel appearing for the assessee. [3] At the outset, it is required to be noted that the dispute is whether the amendment brought into force in the FY 2004 in section 43B of the Income Tax Act (hereinafter be referred to as "the Act"), which came into force with effect from 01.04.2004, would be made applicable retrospectively w.e.f. 01.04.1988 or not. [4] It is required to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the addition made by the Assessing Officer and held that the assessee shall be entitled to claim benefit under section 43B of the Act. [5] Feeling aggrieved and dissatisfied with the order passed by the CIT(A), the revenue preferred the appeal being ITA No.2230 of 2006 before the ITA and by impugned order, learned ITAT has partly allowed the said appeal. However, the learned ITAT has held that the assessee was entitled to the exemption as the amount was paid during grace period permissible / available under the Provident Fund Act and, therefore, the asseessee shall be entitled to exemption / deduction under section 43 to the extent payment was made within the grace period. [6] Being aggrieved and dissatisfied with the impugned judgment a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that grace period, its employer contributions have been deposited by the assessee, it cannot be said that the assessee has not deposited the amount with the department within the due date as prescribed under the Provident Fund Act. Under such circumstances, as such no error and/or illegality has been committed by the learned Tribunal in granting deduction to the assessee with respect to the amount deposited with the provident fund department within the extended period / grace period. Under the circumstances, no other issues are required to be considered. No question of law muchless any substantial question of law arises in the present Appeal. [9] In view of the above, the present appeal deserves to be dismissed and accordingly, the same is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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