TaxTMI 
TaxTMI 
2023 (2) TMI 1414
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....on 143(3) of the Act on 20.12.2019 framed by ACIT, Circle-2(1), Kolkata. 2. The grounds of appeal raised by the assessee read as under:- (1) That the Ld. CIT (A) was wrong in confirming the order of A.O which was passed without properly appreciating the facts of the case and without providing proper opportunity of being heard to the appellant. Therefore, the order confirmed by the CIT (A) is in gross violation of natural justice and needs to be quashed. (2) That the Ld. CIT (A) was wrong in confirming the addition of Rs. 25,00,000/- by treating the same as undisclosed cash credit u/s 68 of the Act. The Ld. CIT (A) as well as Ld. A.O failed to consider the facts that the aforesaid loan was interest bearing, taken th....
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....ed in the e-return was filed on 30.10.2017. Case selected for complete scrutiny through CASS followed by serving of notices under section 143(2) and 142(1). Relevant details were called for by the assessee and in response to the notices, assessee-company submitted audited accounts and copies of relevant documents through e-assessment portal. Assessment completed after making disallowance under section 36(1)(va) of the Act on account of delay in deposit employees' contribution towards P.F. and ESI amounting to Rs. 2,86,814/-. The ld. Assessing Officer also made an addition under section 68 of the Act at Rs. 25,00,000/- for unexplained cash credit. Income assessed by the ld. Assessing Officer at Rs. 15,37,56,064/-. 5. Aggrie....
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....pancy has been observed by the lower authorities and the said loan being taken and repaid during the year itself and also considering the income of Rs. 15.10 crores offered by the assessee, we do not find any reason to question the genuineness of the said loan. We, therefore, reverse the finding of the ld. CIT(Appeals) and delete the addition of Rs. 25,00,000/- under section 68 of the Act and allow Ground No. 2 raised by the assessee. 10. Apropos to Ground No. 3 for disallowance under section 36(1)(va) of the Act at Rs. 2,86,814/-, following details has been placed by the assessee to show that in most of the cases there is no delay in the payment of employees' contribution for various funds and the same is reprod....
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....20th February, 2023. ============= Document 1 ITA 572/101/2022, A.Y. 2017-18 Df : Extracted from Form 3CD (AY 17-18) 20(b) - Details of Contributions received from employees for various funds as referred in Section 36(1)(va) S.No. Nature of fund Sum received from employees Due date for payment The actual amount paid The actual date of payment to the concerned 1 Any Fund set up under the provisions of ESI Act, 1948 26,037 21-05-2016 26,037 19-05-2016 2 Any Fund set up under the provisions of ESI Act, 1948 26,729 21-06-2016 26,339 21-06-2016 3 Any Fund set up under the provisions of ESI Act, 1948 - 21-06-2016 390 22-06-2016 4 Any Fund set up under the provisions of ESI Act, 1948 27,721 21-07-2016 27,721 20-07-2016....