Pinnacle Vastunirman Private Limited vs. DCIT, Circle-4, Pune

Parties Involved

Facts Summary

The assessee, a private limited company engaged in real estate, filed an appeal against the order of the Ld.ADDL/JCIT(A) which confirmed the disallowance of certain amounts under sections 36(1)(va) and 40(a)(ia) of the Income Tax Act, 1961. The disallowance was for delayed deposit of employees' contribution to PF/ESIC and non-deduction of TDS on interest paid to NBFC, India Infoline Finance Limited. The assessee argued that the contributions were made before the due date of filing the return of income and that the recipient company had already included the interest income in its return and paid taxes thereon.…

Legal Issues

• 1. Disallowance u/s. 36(1)(va) of the Act of Rs. 49,179/- on account of delayed deposit of Employees' contribution to PF/ESIC
• 2. Disallowance u/s. 40(a)(ia) of the Act of Rs. 1,59,28,930/- on account of non-deduction of TDS on interest paid to NBFC, India Infoline Finance Limited

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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