JOTINDRA STEEL & TUBE LTD. Vs. ACIT

JUDGEMENT

(1.) THIS appeal filed by the assessee emanates from the order of the CIT (Appeals) -VIII, New Delhi dated 17.01.2013 for the assessment year 2009 -10.

(2.) THE return of income was filed on 30.09.2009 declaring income at Rs. 2,78,52,373/ -. The assessee company is engaged in the business of manufacturing and trading of steel tubes and pipes and erection, fabrication work and dealing in shares and securities and furnace unit.

(3.) ON the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in confirming the disallowance of an amount of Rs. 5,83,999/ - on account of sum payable in lieu of leaves at the credit of employees, made by the AO by invoking the provision of Section 438 of the Act.