https://www.taxtmi.com/caselaws?id=415145 The Tribunal allowed the appeals of the assessees, directing the AO to allow deductions for employees' contributions made before the due date of filing the return, delete the disallowance under Section 14A in the absence of exempt income, allow educational sponsorship expenses, and exclude retention money from income until obligations are fulfilled. The Tribunal emphasized that the amendment by Finance Act, 2021, is prospective, not retrospective, and clarified that the Tribunal has the power to admit claims for deduction of contingent retention money. en-us Wed, 17 Nov 2021 00:00:00 +0530 Thu, 05 May 2022 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415145 The Tribunal allowed the appeals of the assessees, directing the AO to allow deductions for employees' contributions made before the due date of filing the return, delete the disallowance under Section 14A in the absence of exempt income, allow educational sponsorship expenses, and exclude retention money from income until obligations are fulfilled. The Tribunal emphasized that the amendment by Finance Act, 2021, is prospective, not retrospective, and clarified that the Tribunal has the power to admit claims for deduction of contingent retention money. Case-Laws Income Tax Wed, 17 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415145