2015 (8) TMI 133

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....g Officer by invoking provisions of section 43B of the 'Act', on the ground that the same was not paid before the due date of filing of return. 1.2 BECAUSE without prejudice to ground no. 1.1 and in any case, bonus amounting to Rs. 17,62,422/- pertaining to earlier year actually paid during the year under appeal should have been allowed as per provision of section 43B. 2.1 BECAUSE "CIT(A)" has erred in law and on facts in confirming the addition of Rs. 36,76,819/- being amount deposited under the Group Gratuity Scheme of LIC of India on the ground that the Gratuity Fund of the appellant was not approved by the Competent Authority for recognition of the gratuity fund as provided under the provisions of section 36(l)(v) of the &....

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....rence between deposits and deduction of employees' provident fund by presuming that the same represented penal interest on late deposits. 5. BECAUSE the appellant reserves its right to add, delete or alter any other ground or grounds of appeal with the permission of the Chair before hearing or at the time of hearing of appeal. 6. BECAUSE the orders passed by the authorities below are unjust, unreasonable and also bad in law. 2. Apropos grounds No.1.1 and 1.2, it is noticed that the Assessing Officer has disallowed Bonus payable amounting to Rs. 30 lakhs under section 43B of the Income-tax Act, 1961 (hereinafter called in short "the Act"), as the same was not paid before the due date of filing of the return. The Assessing Office....

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....o reiterated its contentions as raised before the ld. CIT(A) whereas the ld. D.R. has placed reliance upon the orders of the lower authorities. 6. Having carefully examined the orders of the lower authorities in the light of the rival submissions, we find from the balance sheet as on 31.3.2009 that an amount of Rs. 30 lakhs was appearing under the head Bonus payable (2008-09) and this amount was not paid till 30.9.2009. When this fact was confronted to the assessee, the assessee vide reply dated 26.12.2011 admitted that the bonus payable at Rs. 30 lakhs could not be paid before the due date of filing of the return i.e. 30.9.2011. He, however, claimed that a provision under section 43B of the Act is applicable in the present case, but thi....

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.... not approved as per requirements of the provisions of section 36(1)(v) of the Act, the addition made by the Assessing Officer deserves to be approved. He accordingly confirmed the addition. 10. Now the assessee is in appeal before the Tribunal and reiterated its contentions, but the assessee has not filed any evidence with regard to the approval for gratuity fund by the competent authority. Since it is mandatory requirement of provisions of section 36(1)(v) of the Act, the claim of payment under group gratuity fund cannot be allowed. We, therefore, find no infirmity in the order of the ld. CIT(A) and accordingly we confirm the same. 11. Apropos grounds No.3.1 and 3.2, it is noticed that during the course of assessment proceedings, th....