23 November 2010
The Karnataka High Court in Commissioner of Income-tax Vs. M. N. Chari (2009) 310ITR445 held that the belated payment of the employer` s contribution to provident fund beyond the stipulated period under the said Act, cannot be treated as the income of the assessee under section 36(1)(va) read with section 2(24)(x) of the Act in view of the amendment to section 43B of the Act as the amounts were paid by the assessee on or before the due date for furnishing the return under section 139(1) of the Act.
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