2019 (10) TMI 237

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....d that during the year, there were premature withdrawals of fixed deposits maintained with banks. In this regard, the banks had initially credited interest on accrual basis and deducted TDS thereon, however, when the payment was made, the assessee had actually received lower interest on such deposits. The assessee has credited interest on FDRs as actual received after deduction of premature charges and therefore, it is not the case that assessee has earned higher income and has not offered the entire amount whereas claimed TDS on the same. It was submitted that whatever interest has been received by the assessee, the same has been offered to tax. It was further submitted that since TDS has already happened at the time of accrual by the bank....

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.... 26AS, the onus is on the assessee to demonstrate that such transaction doesn't represent real income in its hands. In the instant case, we find that the assessee has failed to adduce any evidence in support of its contention that it has received lower interest income than what has been reflected in Form 26AS. Further, nothing has been brought on record to suggest that the Form 26AS has been subsequently modified/amended to reflect the actual interest payment to the assessee. In the result, the ground so taken is dismissed. 5. In Ground No. 2, assessee has challenged the confirmation of disallowance of ESI/EPF contributions of Rs. 115,849/- u/s 36(1)(va) of the Act. In this regard, undisputed facts are that these contributions were depos....

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.... "In so far as the expenditure incurred on State Renewal Fund is concerned, the said expenditure also goes to show that the renewal fund was set up by the State Government and was created with the object of providing a safety net for the workers likely to be effected by restricting in the State Public Enterprise and that a finding of fact has been recorded that the contribution made to the State Renewal fund is solely for the purposes of the welfare and benefit of the employees. In our view, it is for the assessee to decide whether any expenditure should be incurred in the course of business and expenditure of this nature being for business expediency is certainly allowable deduction under section 37(1) of the Act. In our view any ....