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2010 (4) TMI 1101
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....ao JUDGMENT 1. This appeal is filed by the revenue challenging the order dated 5-4-2005 passed in I.T.A. No. 731/Bang./2001 on the following substantial questions of law : (i)Whether the Appellate Authorities were correct in holding that employers contribution to PF & ESI made belatedly, i.e., after the year ending was a permissible deduction by treating the amendment to secti....
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....n towards PF and ESI had been remitted belatedly and the same was disallowed under section 43B of the Income-tax Act. The Assessing Officer also found that a sum of Rs. 1,09,200 had been provided as a liability on account of foreign exchange fluctuation in respect of technical know-how fee. This amount had been debited to the profit and loss amount even though no payment in this regard had been ma....
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....e. 5. During the course of submissions, it brought to our notice that as far as substantial question of law No. 1 is concerned, the same has to be answered in favour of the assessee and against the revenue, by virtue of the decision of the Apex Court in the case of CIT v. Alom Extrusions Ltd. [2009] 185 Taxman 416, disposed of on 25-11-2009 and, therefore, on the basis of the said submission, w....
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.... the technical know-how fee would ultimately depend upon the foreign exchange fluctuation and that when a provision has been made on the basis of the exchange rate then existing and TDS has been deducted on the said sum, in the event of there being any higher payment of fee made on account of fluctuation, it would not be necessary to once again deduct TDS on the said amount as the same would have ....