https://www.taxtmi.com/caselaws?id=766479 ITAT Mumbai held that delayed payment of employees' PF and ESIC contributions cannot be claimed as business expense under section 37(1) after being disallowed under section 36(1)(va), following SC precedent in Checkmate Services case. Regarding foreign exchange fluctuation gains, the tribunal upheld taxation as the assessee consistently followed revenue recognition method. For additional deduction claims not made through revised returns, ITAT ruled appellate authorities can entertain such claims and remanded the matter to AO for fresh examination of factual evidence. en-us Tue, 28 Jan 2025 00:00:00 +0530 Wed, 26 Feb 2025 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766479 ITAT Mumbai held that delayed payment of employees' PF and ESIC contributions cannot be claimed as business expense under section 37(1) after being disallowed under section 36(1)(va), following SC precedent in Checkmate Services case. Regarding foreign exchange fluctuation gains, the tribunal upheld taxation as the assessee consistently followed revenue recognition method. For additional deduction claims not made through revised returns, ITAT ruled appellate authorities can entertain such claims and remanded the matter to AO for fresh examination of factual evidence. Case-Laws Income Tax Tue, 28 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766479