2022 (7) TMI 671

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..... 143(1) of the Income Tax Act, 1961 (hereinafter referred as 'the Act') by CPC, Circle-26(1), New Delhi (hereinafter referred as the Ld. AO). 2. The facts in brief are that the Assessee filed return of income u/s. 139(1) of the Act on 08.08.2018 declaring income of Rs. 24,01,89,376/-. In the impugned order passed by the CPC income of the Assessee has been recomputed u/s. 143(1) by making certain adjustments/additions at Rs. 26,08,22,139/- which indicate addition of Rs. 2,06,32,763/-. Aggrieved the Assessee filed appeal before the ld. CIT(A), who decided the appeal in favour of the Assessee. 3. As per its grounds of appeal, the Revenue has challenged the reversal of disallowance of Rs. 2,06,32,763/- made by the Assessing Offic....

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.... Hydraulics Private Limited Vs. ITO, ITA No. 644/Hyd/2020 for A.Y. 2019-20, order dated 15.06.2021 (c) 'ITAT Jodhpur in Akbar Mohammad Vs. ACIT, CPC, Bangalore ITA No. 108 & 109/Jodh/2021 for A.Y. 2018-19 and 2019-20, order dated 31.01.2022 8. The Co-ordinate Bench at Delhi in ITA No. ITA No. 5570/Del/2017, M/s. Express Roadway V. ACIT Circle - 8(2) New Delhi, has discussed the relevant law as below: "We find that Hon'ble Delhi High Court in the case of CIT vs. AIMIL Limited (2010) 321 ITR 508 (Del) held has under: "17. We may only add that if the employees' contribution is not deposited by the due date prescribed under the relevant Acts and is deposited late, the employer not only pays interest on ....

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....h the same has opined thus: "11. Before we delve into this discussion, we may take note of some more provisions of the Act. Section 2(24) of the Act enumerates different components of income. It, inter alia, stipulates that income includes any sum received by the assessee from his employees as contributions to any provident fund or superannuation fund or any fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948), or any other fund for the welfare of such employees. It is clear from the above that as soon as employees contribution towards provident fund or ESI is received by the assessee by way of deduction or otherwise from the salary/wages of the employees, it will be treated as 'income' at th....