2009 (4) TMI 481

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....t of Employees' Provident Fund contribution when the appellant has deposited the said contribution before the due date of submission of returns under section 139(1) of the Income-tax Act ? (B) Whether the learned Tribunal is justified in sustaining the additions of capital gains when in the facts and circumstances of the case the appellant has inherited the properties by virtue of a will and the said property was under the possession of his father for a period of 40 years and more ? (C) Whether the additions made on account of capital gains is correct under the facts and circumstances of the case and the amounts determined ?" 2. The facts and circumstances giving rise to the present tax appeal are that the appellant is an income-ta....

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....fect from April 1, 2004 with the object that if the payment is made during the assessment year or before the submission of returns under section 139(1) of the Income-tax Act, such payments are to qualify for deduction. 5. In support of his contention, he relied on the decision of the hon'ble Supreme Court in Allied Motors P. Ltd. v. CIT [1997] 224 ITR 677 (SC), and Circular No. 7 of 2003 issued by the Central Board of Direct Taxes (in short, the "CBDT"). However, the learned Tribunal has not considered the judgment of the hon'ble apex court properly. The Central Board of Direct Taxes circular was also not taken into consideration by the learned Tribunal. He further contends that from the assessment order it clearly reveals that the Provi....

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....section 43B. To obviate this kind of unexpected outcome of section 43B, the first proviso was added in section 43B by the Finance Act of 1987. The proviso makes it clear that the section will not apply in relation to any sum which is actually paid by the assessee in the next accounting year, if it is paid on or before the due date for furnishing the return of income in respect of the previous year, in which the liability to pay such sum was incurred and the evidence of such payment is furnished by the assessee along with the return. However, "any sum payable" in clause (a) of section 43B was open to the interpretation that the amount payable in a particular year should also be statutorily payable under the relevant statute in the same year.....