2017 (7) TMI 857

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....New Delhi (hereinafter referred to as 'the Revenue') by filing the aforesaid appeals sought to set aside the order dated 08.04.2013 passed by the Commissioner of Income-tax (Appeals)-III, New Delhi qua the assessment years 2003-04 & 2005-06 on the grounds inter alia that :- ASSESSMENT YEAR 2003-04 "1. On the facts and in the circumstances of the case, the CIT(A) has erred in deleting the addition of Rs. 37,53,212/- made by the Assessing Officer on account of late deposit of employee's contribution towards provident fund in view of the provisions of section 2(24)(x) read with section 36(1)( va) of the Income tax Act, 1961. 2. On the facts and in the circumstance of the case. the CIT(A) has erred in deleting the....

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.... of expenditure in lieu of exempt income as per provisions of section 14A, of Income tax Act, 1961 r.w. Rule 80 of the Income tax Rules, 1962. 4. The order of the CIT(A) is erroneous and is not tenable on facts and in law. 3. Briefly stated the facts necessary for adjudication of the controversy at hand pertaining to both the appeals are : the assessment for AYs 2003-04 and 2005-06 of the assessee was completed u/s 143(3) at the loss of Rs. 3,51,02,917/- and Rs. 11,56,925/- respectively. Subsequently, on the basis of search and seizure operation conducted on the HFCL group of cases on 10.05.2007 and at the time of carrying out the survey u/s 133A at the business premises of assessee company, certain documents were found and seiz....

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....r short 'the Rules') made an addition of Rs. 2,36,825/- for AY 2003-04 and Rs. 2,36,825/- for AY 2005-06 and thereby assessed the loss at Rs. 3,09,31,721/- and Rs. 20,45,334/- for AY 2003-04 and 2005-06 respectively. 7. Assessee carried the matter before the ld. CIT (A) who has allowed the appeals. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeals. 8. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. GROUNDS NO.1 & 2 9. Undisputedly, the assessee has not deposited employees contribution towards provident f....

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....t Ltd., to support its decision to effect that if employers' as well as employee's contribution towards provident fund and ESI is paid before due date of filing of return, no disallowance can be made by AO - Applying ratio of decision of Supreme Court in CIT Vs. Vinay Cement Ltd.; dismissed appeals of Revenue - No substantial question of law arises for our consideration in the present appeal - Appeal is, thus, dismissed - Thus, answer question in favour of assessee and against Revenue - As a consequence, appeals filed by assessees stand allowed and those filed by Revenue are dismissed." 12. Following the decision rendered by Hon'ble jurisdictional High Court in case cited as CIT vs. AIMIL (supra), we find no illegality or pervers....