2011 (7) TMI 717

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....tantial 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 Insurance Act and Employees Provident Fund Act and....

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....en 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 question of law is concerned. It is also covered by a ....

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....rned 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 prescribed period. Any interest payable on over-due p....