Allowing the appeal of the Revenue the Court held that, contributions to provident fund and employees’ state insurance which are not deposited in respective fund within stipulated time is not allowable as deduction. Followed Checkmate Services P. Ltd (2022) 448 ITR 518 (SC)
PCIT v. Strides Arcolab Ltd. (2023) 450 ITR 129/ 129 Taxman 530 (SC) Editorial: Decision of Bombay High Court, reversed, CIT v. Strides Arcolab Ltd (ITA No. 376 of 2017 dt. 22-3-2019
S. 43B : Deductions on actual payment-Contributions to provident fund and employees’ state insurance-Not deposited in respective fund within stipulated time-Not allowable as deduction. [S. 36(1)(va)]