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2022 (2) TMI 217 - AT - Income TaxDelayed deposit of employee's contribution towards Provident Fund and ESI after the due date specified - the amount of contribution has been deposited well before the filing of return of income - the consistent claim of the assessee has remained that the Employee's deposit was with a marginal delay but it has been deposited well before the due date of filing of the Return of Income - HELD THAT:- We hold that the disallowance sustained in the present appeal by the CIT(A) qua the employees' contribution despite late payment qua the specific Act cannot be made. Admittedly, in the facts of the present case the payment has been made well within the time line as set out under the Income Tax Act u/s. 139(1) of the Income Tax Act. Thus, admittedly the return of income was filed well within time after making the specific payments. The position of law that the Amendments carried out by the Finance Act, 2021 are prospective in nature and not declaratory stand well settled. The disallowance, accordingly, cannot be sustained - Decided in favour of assessee.
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