TMI Blog2022 (7) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... h the above observation, these appeals of the assessee are treated as allowed. The disallowances stand deleted - Decided in favour of assessee. - I.T.A. No. 48/KOL/2022 - - - Dated:- 7-7-2022 - Shri Rajpal Yadav , Vice - President ( KZ ) And Shri Rajesh Kumar , Accountant Member For the Appellant : Anil Kochar , Advocate For the Respondents : Biswanath Das , Addl. CIT ORDER Per Bench The present appeal is directed at the instance of the assessee against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) Delhi dated 24.11.2021 passed for the assessment year 2018-19. Though the assessee has raised 5 (five) grounds of appeal, but its grievances revolve around the single issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... position and the discussion made by the ITAT in the case of Lumino Industries Limited Others read as under:- 17. Have heard both the parties. We note that the Finance Bill, 2021 has brought in an amendment which disallows the employees' contribution made in PF and ESI if not made within the due date as prescribed by the respective statutes (PF and ESI Act). So after the amendment has been inserted according to Shri Miraj D Shah takes effect from 1st April, 2021 i.e AY 2021-22 and subsequent assessment year and if the remittance of PF/ESI Employees' Contribution is not made within the time prescribed by the PF/ESI Act then the remittance cannot be allowed as a deduction which is prospective in operation. Whereas according to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 43B in respect of belated payment of employees' contribution. In order to test whether the amendment brought in later is retrospective or not one has to apply the test as laid by the Hon'ble Supreme Court in the case of M/s. Snowtex Investment Ltd. (supra) wherein the Hon'ble Supreme court took note of the law laid down on this issue by the Constitution Bench in M/s. Vatika Township Ltd. and held that the intent of the Parliament/legislature need to be looked into for ascertaining whether the amendment should be retrospective or not. In Vatika Township Ltd. (supra) the Hon'ble Supreme Court held that the notes on clauses appended to the Finance Bill will throw light as to the legislative intent; because it has to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... favouring assessee in the light of the Hon'ble Supreme Court decision in M/s. Vegetable Products (supra). In the light of the aforesaid decision and relying on the ratio of the Hon'ble Supreme Court in the case of Vatika Township Pvt. Ltd. (supra) and M/s. Snowtex Investment Ltd. (supra) and also taking note of the binding decision of the Hon'ble Jurisdictional Calcutta High Court on this issue before us in Shri Vijayshree Ltd. Ltd.(supra), M/s. Philips Carbon Black Ltd.(supra), M/s. Coal India Ltd.(supra), M/s. Akzo Nobel India Ltd. (supra), we set aside the impugned order of Ld. CIT(A) and direct the AO to allow the claim of deduction in respect of employees contribution shares towards ESI, PF, by the assessee before the due ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
