TaxTMI 
TaxTMI 
2022 (4) TMI 155
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....tnam Shree Balaji Udyog Versus Income Tax Officer, Ward-1, Srikakulam Harsh Vardhan Services Versus Income Tax Officer, Ward-1(1), Visakhapatnam SHRI DUVVURU R L REDDY, HON'BLE JUDICIAL MEMBER And SHRI S. BALAKRISHNAN, HON'BLE ACCOUNTANT MEMBER For the Appellant : Suseel Kumar Agarwal, I. Kama Sastry, P.V. Madhusudana Rao and G.V.N. Hari For the Respondents : S.P.G. Mudaliar, Sr. AR ORDER All the captioned appeals are filed by the assessees against the respective orders of the ld. CIT(A), National Faceless Appeal Centre (NFAC), Delhi. Since, the issue raised in all these appeals is similar for various assessment years, for the sake of convenience, these appeals are clubbed, heard together and disposed off in this consolidated ord....
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.... for various deductions allowed while computing the income under the head "Profits and gains of business or profession?. Clause (va) of the said sub-section provides for deduction of any sum received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before the due date. Explanation to the said clause provides that, for the purposes of this clause, "due date" to mean the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued ther....
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....;s contribution is employee own money and the employer deposits this contribution on behalf of the employee in fiduciary capacity. By late deposit of employee contribution, the employers get unjustly enriched by keeping the money belonging to the employees. Clause (va) of sub-section (1) of Section 36 of the Act was inserted to the Act vide Finance Act 1987 as a measures of penalizing employers who mis-utilize employee's contributions. Accordingly, in order to provide certainty, it is proposed to- (i) amend clause (va) of sub-section (1) of section 36 of the Act by inserting another explanation to the said clause to clarify that the provision of section 43B does not apply and deemed to never have been applied for the purposes of det....