https://www.taxtmi.com/caselaws?id=416402 The Tribunal ruled in favor of the assessee, overturning the disallowance of employees' contributions to PF and ESI for the assessment year 2018-2019. It held that the Finance Act, 2021 amendments were not retrospective, allowing deduction under section 43B of the Income Tax Act for contributions paid before the filing deadline. Emphasizing the timing of payment and citing relevant precedents, the Tribunal directed the Assessing Officer to grant the deduction, aligning with the prospective application of the amendments and judicial interpretations. en-us Wed, 15 Dec 2021 00:00:00 +0530 Mon, 27 Dec 2021 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416402 The Tribunal ruled in favor of the assessee, overturning the disallowance of employees' contributions to PF and ESI for the assessment year 2018-2019. It held that the Finance Act, 2021 amendments were not retrospective, allowing deduction under section 43B of the Income Tax Act for contributions paid before the filing deadline. Emphasizing the timing of payment and citing relevant precedents, the Tribunal directed the Assessing Officer to grant the deduction, aligning with the prospective application of the amendments and judicial interpretations. Case-Laws Income Tax Wed, 15 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416402