2008 (2) TMI 387

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....nt year 2001-02 by raising the following substantial question of law: "(i) Whether, on the facts and in the circumstances of the case, the Hon'ble ITAT erred in law in confirming the order of Ld. CIT (A) who deleted the disallowance made u/s 43(B) in respect of ESI which were not deposited by the assessee? (ii) Whether, on the facts and in the circumstances of the case, the Hon'ble ITAT erred in confirming the orders of Ld. CIT (A) who deleted the disallowance made u/s 2(24)(x) read with section 36(1)(va) of the Income-Tax Act, 1961, on account of late payment of employees' contribution to provident fund without appreciating the fact that payments were made beyond due dates? (iii)Whether, on the facts and in the circumstances of th....

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....he order of rectification u/s 154 of the Act. I am in conformity with the contentions of the learned authorised representative. Since the issue is debatable and therefore is not rectifiable u/s 154 of the Act. Moreover, as per the details described by the A.O. in his certificatory order, all the payment to PF & ESI have been paid within the grace period of 5 days under the relevant statutory Acts. Therefore, the ratio of Madras High Court (supra) relied upon by the learned authorised representative is well placed. However, it has been also held in the case of CIT Vs. Salem Co-operative Spinning Mills Ltd. [2002] 258 ITR 360 (Mad) that PF dues paid within the grace period allowed under the relevant statute are deductible. Further as admitted....