2014 (3) TMI 1120

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....ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Appeal was admitted on 28.3.2011. Following substantial questions of law were framed:- "A. Whether on the facts and in law, the Appellate Tribunal is justified in holding that income from exchange gain of Rs. 15,14,411/- is eligible for deduction u/s.80HHC of the Act ? B. Whether on the facts and in law, the Appellate Trib....

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....er on the facts and circumstances of the case and in law, the Tribunal was right in deleting the disallowance made of belated payments of PF & ESIC on the ground that payment made before the filing of return of income are allowable as deduction as per the amendments made in the provisions of section 43B(b), without considering the fact that such amendments are effective from A.Y.2004-05 and not ap....

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.... are answered accordingly. 5. Question [E] is covered in favour of the assessee by virtue of the decision dated 3.12.2013 of this Court in the case of Commissioner of Income-tax vs. Pogagen AMP Nagarsheth Powertronics Ltd. in Tax Appeal No.884 of 2006 and connected appeals. 6. Last remaining question pertains to deduction claimed by the assessee for belated payment of provident fund and ESIC....

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..... From the order of assessment we notice that the break up of such employer's and employees' contribution to provident fund and ESIC for the year under consideration were as follows:- A.Y.2000-2001 PF Employee's contribution Rs.4,63,477/- PF Employer's contribution Rs.5,58,623/- PF Employee's contribution Rs.4,61,485/- ESIC Employer's contribution Rs.8,96,867/- 8. Und....