PRECISE GEM & JEWEL P. LTD, MUMBAI V. ITO WD 8(2)(4), MUMBAI

ITA 4228/MUM/2010

• Counselvise Citation: 422819914 RSA 2010
• Duration Of Justice: 1 year(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-06-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2005-2006
• Appeal Filed On: 25-05-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH C, MUMBAI BEFORE HONBLE PRESIDENT SHRI R.V. EASWAR AND SHRI B. RAMAKOTAIAH, AM I.T.A.NO.4228/MUM/2010 ASSESSMENT YEAR 2005-06 M/S. PRECISE GEM & JEWEL PVT. LTD., G-27, GEM & JEWELLE5Y COMPLEX-III, SEEPZ, ANDHERI (E), MUMBAI 400 096. PAN: AAACP 3242 N VS. THE INCOME TAX OFFICER, WARD 8(2)(4), MUMBAI. (APPELLANT) (RESPONDENT) APPELLANT BY : NONE RESPONDENT BY : SHRI ABANI KANTA NAYAK, SR. DR. O R D E R PER B. RAMAKOTAIAH, AM: THE ISSUE IN THIS APPEAL IS WITH R EFERENCE TO THE DISALLOWANCE MADE BY THE ASSESSING OFFICER RELATING TO EMPLOYEES CONTRIB UTION TO P.F. AND ESIC DEPOSITED BEYOND THE DUE DATE PRESCRIBED IN THE RELEVANT STAT UTE. OUT OF THE TOTAL DISALLOWANCE OF ` 8,19,512/- THE LEARNED CIT(A) GAVE RELIEF TO THE EX TENT OF DOUBLE DISALLOWANCE MADE BY THE ASSESSING OFFICER AND CONF IRMED THE AMOUNT OF ` 6,84,288/- EVEN THOUGH THE ASSESSEE SUBMITTED THAT THE PAYMENTS MADE WITHIN THE GRACE PERIOD WERE TO BE ALLOWED AS PER THE DEC ISION OF THE HONBLE MADRAS HIGH COURT IN THE CASE OF SALEM CO-OP. SPINNING MI LLS PVT. LTD. (258 ITR 360). 2. WHEN THE APPEAL WAS CALLED FOR HEARING NONE APPE ARED ON BEHALF OF THE ASSESSEE. BUT THE LEARNED DEPARTMENTAL REPRESENTATI VE FAIRLY SUBMITTED THAT THE ISSUE IS DECIDED BY THE HONBLE SUPREME COURT IN TH E CASE OF CIT VS. ALOM EXTRUSION LTD. (2009) 319 ITR 306(SC). SINCE THE PAYMENTS WERE MADE IMMEDIATELY FOLLOWING THE MONTH BEYOND THE GRACE PE RIOD BUT BEFORE THE CLOSURE OF THE ACCOUNTING YEAR, RESPECTFULLY FOLLOWING THE DEC ISION OF THE HONBLE SUPREME COURT, THE ASSESSING OFFICER IS DIRECTED TO ALLOW T HE AMOUNT AS DEDUCTION. ITA NO.4228/M/2010. 2 4. IN THE RESULT THE APPEAL IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS DAY OF 21 ST JUNE, 2011. SD. SD. (R.V. EASWAR) (B. RAMAKOTAIAH) PRESIDENT ACCOUNTANT MEMBER MUMBAI, DATED THE 21 ST JUNE, 2011. KN COPY TO: 1. THE ASSESSEE 2. THE REVENUE 3. THE CIT-8, MUMBAI 4. THE CIT(A)-17, MUMBAI 5. THE DR C BENCH, MUMBAI BY ORDER /TRUE COPY/ ASST. REGISTRAR, ITAT, MUMBAI