COMMISSIONER OF INCOME TAX Vs. LAKHANI INDIA LTD.

JUDGEMENT

(1.) THE Revenue has preferred this appeal under Section 260A of the IT Act, 1961 (for short, "the Act") against the order dt. 3rd Oct., 2008 of the Tribunal, Chandigarh Bench 'D' in ITA No. 2860/Del/2007 for the asst. yr. 2003 -04, proposing to raise following substantial questions of law:

(2.) THE assessee claimed deduction in respect of payment of contribution towards provident fund, which was disallowed on the ground that payment was beyond the stipulated date. The CIT(A) upheld that claim of the assessee by referring to Explanation to Section 43B, read with Explanation to Section 36(1)(va) and Section 2(24)(x) of the Act with further observation that the payment was within the due date, as per circular issued under the Employees Provident Funds and Miscellaneous Provisions Act, 1952. This view has been upheld by the Tribunal.

(3.) WE are unable to accept the submission. Observations of the Tribunal in this regard are as under: