Income Tax News
The Income Tax Appellate Tribunal (ITAT), Delhi ordered that the deposit of an employee's contribution to the provident fund and ESI beyond the due date will not be entitled to a deduction.
The division bench is headed by Chief Justice Dr. S. Muralidhar and Justice B.P. Routray listed the matter on 23rd September 2021 and issued the notice to the Income Tax Officer.
The Court ordered that the respondents are restrained from continuing with the reassessment proceedings, in any manner, pursuant to the impugned notices
ITAT Bangalore set aside the order passed by Ld CIT(A) in AY 2013-14 and direct the AO to delete the addition of Rs 32,03,288/- made by him u/s 14A of the Act.
In Vishwatej Developers Private Limited Vs ACIT, the Madras High Court said that merely because statutory approvals have been obtained by the assessee, viz., FIPB and RBI will not sanctify the transaction
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