2011 (7) TMI 717

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....s admitted to consider the following substantial questions of law :- (1) Whether the Tribunal was correct in holding that belated payment of employees contribution to ESI and EPF is an allowable deduction in the light of the provisions of Section 43B of the Act, by ignoring the mandatory requirement of Explanation to clause (va) of sub-section (1) of Section 36 read with Employees State Insuran....

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.... the employers contribute the ESI and EPF even when made after the due date under the aforesaid Acts but before filing of the return, section 43B is attracted and the said contribution is liable to be deducted as expenditure. In that view of the matter, the first substantial question of law is answered in favour of the assessee and against the revenue. 3. In so far as the second substantial que....

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....ion under Section 80-IA of the Act as the same was earned from the business carried on by the assessee. The aforesaid judgment does not lay down any law to this effect and in fact the said judgment has no application. Section 80-IA provides for deduction of the income earned from the business carried on by the assessee as it is a new industrial undertaking and the said income is earned within the ....