{"id":44306,"date":"2024-07-16T10:47:17","date_gmt":"2024-07-16T05:17:17","guid":{"rendered":"https:\/\/itatonline.org\/digest\/surat-district-co-op-bank-ltd-v-acit-2023-202-itd-624-surattrib-2\/"},"modified":"2024-07-16T10:47:17","modified_gmt":"2024-07-16T05:17:17","slug":"surat-district-co-op-bank-ltd-v-acit-2023-202-itd-624-surattrib-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/surat-district-co-op-bank-ltd-v-acit-2023-202-itd-624-surattrib-2\/","title":{"rendered":"Surat District Co. op. Bank Ltd. v. ACIT (2023) 202 ITD 624 (Surat)(Trib.)"},"content":{"rendered":"<p>Assessee-co-operative bank claimed expenses with respect to contribution made towards shortfall in provident fund&#8217;s statutory interest rate.\u00a0 Assessing Officer denied the\u00a0 claim on ground that assessee is\u00a0 using this fund to cover up shortfall and pay employees contribution. On appeal the Tribunal held that as per rule 17 under provident Fund Rules any shortfall in maintaining interest rate in provident fund of employees is\u00a0 responsibility of employer. Since assessee had fulfilled all its statutory liability towards Employees Provident Funds Act, payment made towards maintenance of statutory interest rate was an allowable expenditure. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure-Shortfall in PF-\tits-statutory-liability towards Employees Provident Funds Act, payment made towards maintenance of statutory interest rate was an allowable expenditure. [Provident Fund Rules, 17]  <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-44306","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bwC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=44306"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44306\/revisions"}],"predecessor-version":[{"id":44307,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44306\/revisions\/44307"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}