TaxTMI 
TaxTMI 
2019 (4) TMI 554
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....1961( in short the " the Act'') for the Assessment Year 2013-14. 2. The assessee has raised following grounds of appeals: 1. The learned CIT(A) has erred in confirming addition of ESI Contribution Rs. 1,31,417 and PF Contribution of Rs. 5,68,299 amounting in allto Rs. 6,99,716 under Section 36(l)(va) read with Section 2(24)(x) on the ground that it is not paid within due date in as much as it is paid before the end of the financial year and therefore it is allowable as deduction. 2. The learned CIT(A) has erred in confirming addition of Rs. 1,09,292 under Section 14A read with Rule 8D in as much as the investment is made out of interest free funds and that no expenditure is incurred for earning the exempt income. 3. ....
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.... his liabilities and entitled to his claim. 6. The Ld.DR relied upon the judgment passed by the Jurisdictional High Court in the matter of Ms Checkmate Facility and Electronic Solutions Pvt. Ltd. Vs D.C.I.T wherein it was held that after taking the employee's contribution towards the fund the same has to be deposited to the Government account within the date mentioned in concerned Act. Since the deposit of the employee's contribution to the fund gets deferred by another month the assessee, is not entitled to deduction. 7. We have heard the learned Advocate appearing for the parities, we have also perused the relevant materials available on record. We have carefully considered the judgment passed by the Jurisdictional High Court in the....
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....e shall within fifteen days of the close of every month pay the same to the fund "electronic through internet banking of the State Bank of India or any other Nationalized Bank authorized for collection" on account of contributions and administrative charge]: "Provided that the Central Provident Fund Commissioner may for reasons to be recorded in writing, allow any employer or class of employer to deposit the contributions by any other mode other than internet banking". 5. This provision thus requires an employer before paying the employee his wages to deduct the employee's contribution along with the employer's own contribution as fixed by the Government. It is further required that he shall within fifteen days of ....
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....confirming the addition of Rs. 1,09,292 u/s 14A r.w. Rule 8D as made by the Ld.AO. 9. Upon verification of the balance sheet it was found that the assessee has made investment in shares. The profit and loss accounts further shows earning of dividend income of Rs. 10,660/- by the assessee during the year under consideration. The Ld.AO applied the formula provided u/s. Rule 8D while working out disallowance u/s.14A of the Act and ultimately disallowed Rs. 1,09,292/- 10. We have heard the learned counsel appearing for the parties and perused the relevant materials available on record. We find that there is no interest income earned by the assessee. In this particular case though the dividend income earned by the assessee is of Rs. 10,600....