2013 (11) TMI 971

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on of law. Whether on the facts and circumstances of the case and in law, was the Appellate Tribunal is right in deleting the disallowance of belated payment of PF and ESIC, even though the specific provision in the form of Proviso to Section 43B of the I.T. Act existed in this regard? [2] Heard Mr. Sudhir Mehta, learned counsel appearing on behalf of the appellant and Mr. S. N. Soparkar, learned senior counsel appearing for the assessee. [3] At the outset, it is required to be noted that the dispute is whether the amendment brought into force in the FY 2004 in section 43B of the Income Tax Act (hereinafter be referred to as "the Act"), which came into force with effect from 01.04.2004, would be made applicable retrospectively w.e.f. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....re the CIT(A) and the learned CIT(A) deleted the addition made by the Assessing Officer and held that the assessee shall be entitled to claim benefit under section 43B of the Act. [5] Feeling aggrieved and dissatisfied with the order passed by the CIT(A), the revenue preferred the appeal being ITA No.2230 of 2006 before the ITA and by impugned order, learned ITAT has partly allowed the said appeal. However, the learned ITAT has held that the assessee was entitled to the exemption as the amount was paid during grace period permissible / available under the Provident Fund Act and, therefore, the asseessee shall be entitled to exemption / deduction under section 43 to the extent payment was made within the grace period. [6] Being aggriev....