2005 (7) TMI 301

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....CIT(A) erred in holding that deduction under s. 43B amounting to Rs. 6.07 lakhs be allowed even if the amount has been paid beyond the period provided under the Provident Fund Act but paid within the grace period of 5 days. 2. On the facts and circumstances of the case, the learned CIT(A) erred in directing that interest under s. 234B charged in view of the decision of apex Court in the case of....

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....assessee's paper book-II, at pp. 1 to 12 thereof. 4. Para 12 of the said order reads as follows: "12. Ground No. 2 relates to the payment of delay payment of provident fund. During the course of hearing, it was admitted by both the parties that the assessee has made payment of PF/EPF and ESI within the grace period which was disallowed by the AO. The CIT(A) following the decision of differen....

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....) and the decision of the Ahmedabad Bench of the Tribunal in the case of Asstt. CIT vs. Rotex Mfg. & Engg. (Guj) (P) Ltd. (2004) 90 TTJ (Ahd) 171 : (2004) 137 Taxman 37 (Ahd)(Mag). In all these decisions, it has been held that payments made within the grace period of 5 days allowed by the Provident Fund Department deserve to be treated as payment made within the due date. In fact, in the assessee'....

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.... for the purposes of s. 140A, interest payable under ss. 234A and 234B shall be computed with reference to tax on returned income. The assessee has also fairly submitted in its "chart of grounds of appeal" contained at pp. 1 and 2 of its paper book-I that in view of the retrospective amendment brought about by Finance Act, 2001 with retrospective effect from 1st April, 1989, interest under s. 234B....