2013 (6) TMI 98

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....sti JUDGMENT Barin Ghosh , C.J. (Oral) The Assessing Officer purported to disallow payments actually made by the assessee to the Provident Fund Authority on account of employees' contribution towards provident fund. There was delay. Obligation to pay accrued within an accounting year, but dischasrged in the next accounting year but before filing of return for the accounting year when obli....

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.... 28- any sum received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before the due date: Explanation- For the purposes of this clause, "due date" means the date by which the assessee is required as an employer to credit....

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....re of such employees;" 3. Therefore, while any sum received by the assessee from his employees towards contributions to the Provident Fund is the income of the assessee, Section 36(1)(va) of the Act makes it a deduction in the event the contribution thus received is deposited on or before the due date. Section 43(B)(b) of the Act provides as follows:- "Notwithstanding anything contained in a....

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....r sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return". 4. Therefore, the due date referred to in section 36(1)(va) of the Act must be read in conjunction with section 43B(b) of the Act and a reading of the same would make it amply clea....