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of <h1>High Court upholds Tribunal decision on provident fund & ESI contribution. Assessee wins on deduction computation.</h1> <h3>The Commissioner of Income Tax-10, Mumbai Versus M/s. Strides Arcolab Ltd</h3> The Commissioner of Income Tax-10, Mumbai Versus M/s. Strides Arcolab Ltd - TMI Issues involved: Appeal by revenue for assessment year 2001-02 regarding disallowance u/s.43B for employee's contribution to provident fund and ESI, and computation of deduction u/s 80HHC as reduced by profits allowed under sections 80IA/80IB.Disallowed u/s.43B - Employee's contribution to provident fund and ESI:The High Court considered the issue of disallowance u/s.43B for employee's contribution to provident fund and ESI. The Court noted that the Tribunal had deleted the disallowance, citing the decision of the Supreme Court in CIT V/s. Alom Extrusions Ltd. The Court, in line with the precedent, held in favor of the respondent-assessee and against the revenue, dismissing the appeal on this issue.Computation of deduction u/s 80HHC:Regarding the computation of deduction u/s 80HHC as reduced by profits allowed under sections 80IA/80IB, the Court referred to the decision in the case of Associated Capsules Pvt. Ltd. V/s. DCIT. The Court found that the issue was covered in favor of the assessee and against the revenue. Consequently, the Court declined to entertain the question on this issue as well.Conclusion:In conclusion, the High Court dismissed the appeal with no order as to costs, based on the decisions and precedents cited for both issues raised in the appeal.
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