https://www.taxtmi.com/caselaws?id=416049 The tribunal allowed the appeal of the assessee regarding the dispute over employees' share of contribution to ESI for Assessment Year 2019-20. The amendments introduced by the Finance Act, 2021 to sections 36(1)(va) and 43B of the Income Tax Act, 1961 were held not to have retrospective effect. The decision was based on the Karnataka High Court ruling, emphasizing the distinction between employee's and employer's contributions and the importance of due dates. The Revenue was given the option to seek rectification based on future developments, subject to statutory limitations. en-us Thu, 09 Dec 2021 00:00:00 +0530 Sat, 18 Dec 2021 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416049 The tribunal allowed the appeal of the assessee regarding the dispute over employees' share of contribution to ESI for Assessment Year 2019-20. The amendments introduced by the Finance Act, 2021 to sections 36(1)(va) and 43B of the Income Tax Act, 1961 were held not to have retrospective effect. The decision was based on the Karnataka High Court ruling, emphasizing the distinction between employee's and employer's contributions and the importance of due dates. The Revenue was given the option to seek rectification based on future developments, subject to statutory limitations. Case-Laws Income Tax Thu, 09 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416049