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2022 (4) TMI 955 - AT - Income TaxDelayed remittances of employees’ contribution towards PF/ESI - assessee has submitted that the employee’s contribution to PF & ESI has been remitted on or before the due date of furnishing of return of income under section 139(1) - HELD THAT:- As decided in M/S. ADYAR ANANDA BHAVAN SWEETS INDIA P LTD. [2021 (12) TMI 558 - ITAT CHENNAI] 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. The amendment brought in the statute 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 2018-19 but will apply from assessment year 2021-22 and subsequent assessment years. Hence, this issue of assessee’s appeal is allowed.
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