Act,
1961.
ITA No. 712/Mum/2018
M/s Grace Development Associates. Mumbai.
- 11 -
The assessee has produced the Confirmation Letters,
Bank Statements showing Credit ... 2018
M/s Grace Development Associates. Mumbai.
- 19 -
Therefore, the addition made by the AO u/s 68 of the Act
was rightly deleted
Act of employees contribution to P.F. paid within
the grace period without appreciating the fact that due date is well defined ... invoking the
penal provisions under the Provident Fund Act ,that the grace period of five days was solely for
the purpose of determining the amount
contribution to the employees provident fund under the Provident Fund Act within the grace period. Under the Provident Fund Act the penalty is contemplated ... assessee on the ground that the grace period is contemplated not by the Act but by the circular issued by the department/officer, RPFC
allowable only under the Provident Fund Act and not under the Income
Tax Act and that the said grace period was valid for PF proceedings ... payment was deposited
by the assessee within the grace period provided under the relevant act which
3 ITA No.2178/M/07, 7157 & 7158
Act read
with Section 36(1)(va) of the Act alongside provisions of the Employees'
Provident Funds and Miscellaneous Provisions Act, 1952 (especially
Regulation ... Employees' Provident
Funds Act and ESI Act as well as the concerned notifications which
granted a grace period of 5 days (which appears
filing of return.
Further as per PF Act and ESIC Act payments made within the grace
days are regarded as payments made within the stipulated ... Act, 1961(the Act). On appeal, the ld. CIT(A) while
holding that the payment of employees PF and ESIC made within the
grace period
within the grace period should be considered as
payment made within due date prescribed in the PF Act . On appeal,
the CIT(A) deleted ... paid af ter
the due date but within grace period allowed under the PF Act .
Various Courts/ITAT including the jurisdictional ITAT, Mumbai
are taking
chargeable to interest tax under the provisions of Interest Tax Act, 1974 .
9. In the case of L.I.C. of India ... delay in payment of bills beyond the grace period was in exigible to Interest Tax Act .
11. The combined reading of the above legal position
contribution of FSI was not deposited even within the grace period prescribed under the corresponding Act. The assessee has raised a plea that since ... paid even within the grace period prescribed under the relevant Act. We, Order accordingly. In the result, appeal of the Revenue is partly allowed. Order
under section 36(1)(va) of the Act read
with section 2(24)(x) of the Act.
10. We have heard the rival contentions ... within the grace period as provided under the Provident
Fund Act and ESI Act. Since the contributions were not paid on due dates
