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2022 (8) TMI 257 - AT - Income TaxLate deposit of employee’s contribution to P.F. and E.S.I. - Addition on account of deemed income u/s 36(1)(va) r.w.s. 2(24)(x) - scope of amendment - as per revenue amendment is curative in nature and retrospective in application - HELD THAT:- On this issue jurisdictional ITAT and various coordinated benches held that the amendment made by the finance Act 2021 to sec 36(1)(va) and section 43B are prospective in nature, effective from assessment year 2022-23. See M/S CRESCENT ROADWAYS PRIVATE LIMITED [2021 (7) TMI 1265 - ITAT HYDERABAD] Following judgements of PNGS India Pvt Ltd [2022 (6) TMI 1052 - ITAT MUMBAI] AND M/s Vishal Enterprises [2022 (2) TMI 1272 - ITAT BANGALORE] A.O. and first appellant authority are duty bound to follow the decisions of jurisdictional high Court otherwise it makes their decision unsustainable in so far as applicability of amendment by the finance act 2021, the same is effective from assessment year 2022-23 thus in the light of above, we hold that the C.P.C and Ld. CIT (A) has erred in applying amended provisions of sec 36(1)(va) r.w.s 43B to disallow assesses claim of deduction. - Decided in favour of assessee.
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