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2018 (1) TMI 145 - HC - Income TaxDisallowance u/s 43B - delay in payment - retrospectivity - Held that:- The issue raised in this appeal is squarely covered by the decision in Industrial Security and Intelligence India Private Limited [2015 (7) TMI 1063 - MADRAS HIGH COURT] wherein held omission of second proviso to Section 43B and amendment to first proviso by Finance Act, 2003 are curative in nature and are effective retrospectively, i.e., with effect from 1.4.1988 i.e., the date of insertion of first proviso. If the assessee had deposited employee's contribution towards Provident Fund and ESI after due date as prescribed under the relevant Act, but before the due date of filing of return under the Income Tax Act, no disallowance could be made in view of the provisions of Section 43B as amended by Finance Act, 2003. In the present case, the assessee had remitted the employees contribution beyond the due date for payment, but within the due date for filing the return of income. Hence, following the above-said decisions, we find no reason to differ with the findings of the Tribunal. - Decided against revenue
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