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2022 (11) TMI 271 - AT - Income TaxDelayed employees as contribution to any PF or ESIC Fund - addition in respect of any Sum received from employees as contribution to any PF or ESIC Fund to the extent not credited to the employees account on or before the due date, including the extended date as mentioned in respective legislation) - Scope of amendment - 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. VISHAL ENTERPRISES [2022 (2) TMI 1272 - ITAT BANGALORE] and PMGS INDIA PVT. LTD [2022 (6) TMI 1052 - ITAT MUMBAI] We are of the considered view that 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. Appeal filed by the assessee is allowed.
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