https://www.taxtmi.com/caselaws?id=456285 The ITAT Mumbai ruled in favor of the assessee regarding delayed contributions to Provident Fund and ESI. Following the precedent in Kalpesh Synthetics Pvt Ltd., the tribunal held that delayed deposits of employee contributions made after the statutory due date but before the income tax return filing deadline under section 139(1) are deductible in computing business income. The disallowance of such contributions during return processing under section 143(1)(a) was deemed unwarranted, as payments made before the IT return due date qualify for deduction despite exceeding the permissible time limit under the relevant labor statute. en-us Thu, 28 Apr 2022 00:00:00 +0530 Sat, 13 Jul 2024 08:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456285 The ITAT Mumbai ruled in favor of the assessee regarding delayed contributions to Provident Fund and ESI. Following the precedent in Kalpesh Synthetics Pvt Ltd., the tribunal held that delayed deposits of employee contributions made after the statutory due date but before the income tax return filing deadline under section 139(1) are deductible in computing business income. The disallowance of such contributions during return processing under section 143(1)(a) was deemed unwarranted, as payments made before the IT return due date qualify for deduction despite exceeding the permissible time limit under the relevant labor statute. Case-Laws Income Tax Thu, 28 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456285