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2021 (10) TMI 787 - AT - Income TaxRevision u/s 263 by CIT - delay caused by the assessee in depositing employees contribution to PF and ESI within the due date - AO has not made any disallowance u/s. 36(1)(va) read with section 2(24)(x) of the Act when there was the delay on the part of the assessee while depositing the employees contribution to Provident Fund and Employees State Insurance in the relevant funds - Scope of amendment - HELD THAT:- We note that assessee has deposited the employees contribution towards PF & ESI before filing of return u/s. 139(1) of the Act - Having taken note of this fact and also the fact that this Tribunal already taken a view that the amendment brought in by Finance Act, 2021 on this issue has been held to be prospective in nature in the case of Shri Harendra Nath Biswas [2021 (7) TMI 942 - ITAT KOLKATA] wherein it was held that the amendment/explanation brought in by Finance Act, 2021 is prospective in nature and is not applicable to the earlier years - amendment/explanation brought in by Finance Act, 2021 with effect from 01.04.2021 on this issue is prospective and taking note that the relevant assessment year is 2015-16, we are of the opinion that the amendment/explanation brought in by Finance Act, 2021 cannot be used to unsettle the settled position of law passed by the Hon'ble jurisdictional High Court in the case of Vijayshree Ltd.[2011 (9) TMI 30 - CALCUTTA HIGH COURT]since there is no retrospective legislative over-ruling. So therefore it is a plausible view, therefore, the Ld. PCIT could not have disturbed the action of the A.O. without holding it unsustainable in law as held by the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. v. CIT [2000 (2) TMI 10 - SUPREME COURT] - Therefore, we hold that the Ld. PCIT did not have jurisdiction in invoking section 263 of the Act since the A.O's view was a plausible view - Decided in favour of assessee.
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