ACIT 10(1), MUMBAI V. ICICI HOME FINANCE CO. LTD, MUMBAI

ITA 3958/MUM/2010

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8653 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 4 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-10-2012
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Next Hearing Date: 04-10-2012
• Assessment Year: 2006-2007
• Appeal Filed On: 14-05-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N K MEHTA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I, MUMBAI BEFORE SHRI P.M.JAGTAP, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER.. I.T.A. NO.3958/MUM/2010. ASSESSMENT YEAR : 2006-07. DY. COMMISSIONER OF M/S ICICI HOME FINANCE INCOME-TAX, RANGE-10(1), VS. CO. LTD., ICICI BANK TOWERS, MUMBAI. BANDRA KURLA COMPLEX, MUMBAI 4000 051 . PAN AAACI6285N APPELLANT. RESPONDENT . APPELLANT BY : SHRI N.K.MEHTA. RESPONDEN T BY : SMT. ARATI VISSANJI. DATE OF HEARING : 04-10-2012 DATE OF PRONOUNCEMENT : 10-10-2012. O R D E R PER P.M. JAGTAP, A.M. : THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST T HE ORDER OF LEARNED CIT(APPEALS)-21, MUMBAI DATED 05-03-2010 AND IN THE SOLITARY GROUND RAISED THEREIN, THE REVENUE HAS CHALLENGED THE ACTION OF T HE LEARNED CIT(APPEALS) IN DELETING THE DISALLOWANCE OF RS.52,49,848/- MADE BY THE AO ON ACCOUNT OF PAYMENT OF EMPLOYEES CONTRIBUTION TO PROVIDENT FUN D AFTER THE DUE DATE BUT WITHIN THE GRACE PERIOD. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL ON RECORD. AS AGREED BY THE LEARNED REPRES ENTATIVES OF BOTH THE SIDES, THE 2 ITA NO.3958/MUM/2010 ISSUE INVOLVED IN THIS APPEAL OF THE REVENUE IS SQU ARELY COVERED IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE BY THE DECISION OF HONBLE BOMBAY HIGH COURT IN THE CASE OF CIT VS. WMI CRANES LTD. 326 ITR 523 WHEREIN IT IS HELD THAT THE PAYMENT OF PF CONTRIBUTION MADE WITHIN THE GRACE PE RIOD PROVIDED BY THE RELEVANT STATUTE CAN BE SAID TO BE WITHIN THE DUE DATE AND T HE SAME SHOULD BE ALLOWED. RESPECTFULLY FOLLOWING THE SAID DECISION OF HONBLE JURISDICTIONAL HIGH COURT, WE UPHOLD THE IMPUGNED ORDER OF THE LEARNED CIT(APPEAL S) ALLOWING THE DEDUCTION CLAIMED BY THE ASSESSEE ON ACCOUNT OF PAYMENT OF EM PLOYEES CONTRIBUTION TOWARDS PROVIDENT FUND MADE WITHIN THE GRACE PERIOD. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED ON THIS 10 TH DAY OF OCT. , 2012. SD/- SD/- (AMIT SHUKLA) (P.M. JAGTAP) JUDICIAL MEMBER ACCO UNTANT MEMBER MUMBAI, DATED: 10 TH OCT., 2012. COPY TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR, I-BENCH. (TRUE COPY) BY ORD ER ASSTT. REGI STRAR, ITAT, MUMBAI BENCHES , MUMBAI. WAKODE.