Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 1344 - AT - Income TaxDelayed employee’s contribution to ESI & PF - assessee filed complete details of the entire payments i.e. employee’s PF & ESI contribution paid before the due date of filing of return of income - Scope of amendment - HELD THAT:- There are series of decisions of various Hon’ble High Courts M/S. INDUSTRIAL SECURITY & INTELLIGENCE INDIA PVT. LTD [2015 (7) TMI 1063 - MADRAS HIGH COURT] on this issue and held that the payment of employees contribution in regard to PF & ESI if made before the due date of filing of return of income u/s.139(1) of the Act, the same is allowable as deduction as per the provisions of Section 2(24)(x) r.w.s. 36(1)(va) r.w.s. 43B of the Act. See M/S MOHANLAL KHATRI VERSUS A.C.I.T., CIRCLE-2 AJMER [2021 (11) TMI 1035 - ITAT JAIPUR] We are of the view that the amendment brought in the statue i.e., by Finance Act, 2021, the provisions of Section 36(1)(va) r.w.s. 43B of the Act amended by inserting explanation 2 is prospective and not retrospective. Hence, the amended provisions of Section 43B r.w.s. 36(1)(va) of the Act are not applicable for the assessment year under consideration i.e. 2018-19 but will apply from assessment year 2021-22 and subsequent assessment years. Hence, this issue raised in assessee’s appeal is allowed.
|