TaxTMI 
TaxTMI 
2025 (7) TMI 1690
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....business of electricity generation. The assessee has filed it's return of income for the assessment year 2021-2022 on 14.03.2022, declaring total income of Rs. 56,63,77,167/-.. The return was processed under section 143(1) of the Act by the Assessing Officer-CPC on 22.09.2022 and determined the total income of the assessee at Rs. 1,05,44,86,080/- by making addition towards disallowance of employee's share of contribution to EPF for Rs. 59,11,767/-, disallowance of contribution to pension and gratuity trust under section 43B of the Act for Rs. 21,92,43,000/- disallowance of Rs. 36,54,146/- under section 43B of the Act towards taxes and duties and addition of Rs. 25,93,00,000/- towards "interest on Pensions Bonds" claimed as deduction as per ....
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.... Pursuant to the reorganization under the A P Reorganisation Act, 2014 and division of the State of Andhra Pradesh, the liability in respect of the employees and pensioners who come under the purview of the concerned drawing offices in Telangana State, has become the liability of the assessee [TGGENCO] Master Trusts. The assessee-TGGENCO's liability relating to the above bonds as per section 53 of AP Reorganization Act, 2014 is worked-out on population ratio basis between APGENCO and TGGENCO respectively. The Ministry of Corporate Affairs notified IND-AS from financial year 2016- 2017. The assessee being a corporate entity following IND AS-109 had accounted pension bonds at amortized cost and the difference between actual liability and fair....
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....en actual liability created in the books of accounts and the liability to be created for the year ending 31.03.2021. Since there is a difference of Rs. 25.93 crores, the same has been claimed as deduction in the statement of total income. The Assessing Officer-CPC and the learned CIT(A), without appreciating the relevant facts, has simply sustained the addition only on the ground that, the assessee has claimed the deduction on the basis of audit report submitted in Form 3-CD and, therefore, there is no irregularity in the Order of the Assessing Officer-CPC which is based on the return of income filed by the assessee. Since, the assessee wrongly reported in incorrect column in the ITR Form-6 and that, the matter may be remitted back to the f....
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....iting to Profit and Loss account and debiting to liability account, to bring parity between the fair value of the bonds and entries made in the books of accounts. However, while filing the return of income, by an inadvertent error reported in the column, which is applicable to disallowance under section 43B of the Act. We find that, the assessee has reduced the amount of Rs. 25.93 crores in the statement of total income, while computing income from business towards any amount allowable as deduction [IND AS-109] fair value adjustment and the same has been inadvertently reported in clause- 10(e) of ITR Form-6, which is applicable for any amount disallowed under section 43B, in any preceding previous year, but, allowable during previous year u....
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....round no.3 of assessee's appeal is disallowance of payment made to contribution of pension and gratuity under section 43B of the Act for Rs. 21,92,43,000/-. 11. The facts with regard to the impugned dispute are that, as per intimation under section 143(1) of the Act, an amount of Rs. 21,92,43,000/- was disallowed treating that, the assessee has failed to make payment to the gratuity and pension trust on or before the due date provided under the respective Act or on or before the due date for filing the return of income. The Assessing Officer-CPC disallowed the said amount on the basis of ITR-6 filed by the assessee and Form-3CD issued by the Auditor. On appeal, the learned CIT(A) confirmed the addition made by the Assessing Officer on the ....
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....l on record and gone through the orders of the authorities below. The Assessing Officer disallowed a sum of Rs. 21,92,43,000/- while issuing intimation under section 143(1) of the Act on the ground that, the said amount is not allowable in terms of section 43B of the Act, on account of non-payment of sum payable to Pension and Gratuity Trust on or before the due date provided under the respective Act or on or before the due date for filing the return of income under section 139(1) of the Act. Learned Counsel for the Assessee has filed relevant evidences including bank statements and as per the details filed by the assessee, we find that, the assessee has paid a sum of Rs. 21,92,43,000/- on 03.04.2021 by transfer of funds through RTGS to GEN....