Marine Electricals (India) Limited vs. DCIT-9(2)(2)(1)

Parties Involved

Facts Summary

The appeal was preferred by Marine Electricals (India) Limited against the order passed by the Additional/Joint Commissioner of Income Tax (Appeals), Bhubaneswar, for the Assessment Year 2021-22. The assessee raised two grounds for the appeal: the first was regarding the determination of income at Rs. 10,16,11,630/- instead of the returned income of Rs. 9,71,51,120/-, and the second was regarding the disallowance of payments of PF & ESIC employee contributions of Rs. 44,60,510/-. The assessee argued that the belated deposit of employees' contribution of PF/ESIC governed under section 36(1)(va) of the Income Tax Act 1961 is also amenable to deduction under section 37(1) of the Act as it was paid within the relevant financial year. During the hearing, a letter was filed seeking withdrawal of the appeal as the assessee had already received relief by way of rectification under section 154 of the Income Tax Act, 1961 against the impugned intimation passed under section 143(1) of the Act.…

Legal Issues

• 1. Determination of income at Rs. 10,16,11,630/- instead of the returned income of Rs. 9,71,51,120/-.
• 2. Disallowance of payments of PF & ESIC employee contributions of Rs. 44,60,510/-.

Judgment Outcome

Decided in favour of Assessee.

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