Held that the assessee having submitted that given an opportunity, the assessee was in a position to produce the copy of the resolution of the board of directors approving the treatment of the chairman of the company in the U.\u2002S. A. and also file a copy of the return of the chairman declaring such amount as perquisites, in the interest of justice, the issue was to be restored to the Assessing Officer with a direction to grant an opportunity to the assessee to file the requisite details to his satisfaction and decide the issue as per fact and law.\u00a0 Held that\u00a0 there was no infirmity in the order of the Commissioner (Appeals) allowing the payment of interest on customs duty as directed by the Supreme Court holding that the interest paid on customs duty was allowable as revenue expenditure and was not in contravention of\u00a0Explanation 1\u00a0to section\u00a037(1)\u00a0of the Act\u00a0 The Tribunal also held that \u00a0\u00a0there was no infirmity in the order of the Commissioner (Appeals) disallowing the delayed payment of contributions to the provident fund. (AY.2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.37(1): Business expenditure-Payments for medical treatment of director of assessee abroad-Produced board resolution approving treatment and return of chairman declared the amount as perquisite-Matter restored to the file of Assessing Officer for verification-Offence-Payment of interest on customs duty on direction of Supreme Court-Allowable as deduction-Delayed payment of contributions to provident fund-Not allowable as deduction. [S.36(1)(va), 37(1), Expl.1] <\/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-49987","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d0f","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49987","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=49987"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49987\/revisions"}],"predecessor-version":[{"id":49988,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/49987\/revisions\/49988"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=49987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=49987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=49987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}