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TMI Blog2024 (10) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of amount of employees contribution under EPF Act and ESI Act, beyond the due date as prescribed by the respective Act. It is only on the deposit in compliance with the provisions of the EPF Act and ESI Act, the retained amount is treated for deduction. Decided against assessee. Disallowance made on account of advance against depreciation deferred - whether same is a head created as an internal arrangement and does not affect the nature of receipts as revenue receipts? - HELD THAT:- As decided in National Hydro Electric Power Corporation Ltd. [ 2010 (1) TMI 281 - SUPREME COURT ] Advance Against Depreciation was not income received for the relevant accounting year and cannot be carried forward through the Profit and Loss account. The que ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw:- (1) Whether the view taken by the ITAT that employees contribution to Provident Fund and ESI is governed by the provisions of Section 43B of the Income Tax Act, 1961 and not by Section 36 (1) (va) read with Section 2 (24) (x) of the Income Tax Act, 1961 is sustainable in law in view of the decision of the Hon ble Supreme Court in the case of Checkmate Services P Ltd Vs. Commissioner of Income Tax-I (Civil Appeal No. 2833 of 2016 decided on 12.10.2022)? (2) Whether in the facts and circumstances of the case, the ITAT was justified in law in deleting addition of Rs. 4987507/- made for depositing the employees contribution to Provident Fund beyond the prescribed time limit provided in the respective Acts? (3) Whether in the facts and circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be understood in the context of the entire provision of Section 43B which is to ensure timely payment before the returns are filed, of certain liabilities which are to be borne by the assessee in the form of tax, interest payment and other statutory liability. In the case of these liabilities, what constitutes the due date is defined by the statute. Nevertheless, the assessees are given some leeway in that as long as deposits are made beyond the due date, but before the date of filing the return, the deduction is allowed. That, however, cannot apply in the case of amounts which are held in trust, as it is in the case of employees' contributions-which are deducted from their income. They are not part of the assessee employer's income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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