https://www.taxtmi.com/caselaws?id=417777 The Appellate Tribunal ITAT BANGALORE allowed the appeal of a Private Limited Company, ruling in favor of the assessee regarding the disallowance of ESI/PF contributions for AY 2018-19 and 2019-20. The Tribunal held that amendments to section 36(1)(va) and 43B of the Income Tax Act, 1961 by the Finance Act, 2021 applied prospectively from 01.04.2021. The decision emphasized the distinction between employees' and employer's contributions, granting deduction if the employee's contribution was made before the income tax return due date. The additions under section 36(1)(va) were deleted, allowing rectification by the Revenue. en-us Tue, 21 Dec 2021 00:00:00 +0530 Mon, 31 Jan 2022 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417777 The Appellate Tribunal ITAT BANGALORE allowed the appeal of a Private Limited Company, ruling in favor of the assessee regarding the disallowance of ESI/PF contributions for AY 2018-19 and 2019-20. The Tribunal held that amendments to section 36(1)(va) and 43B of the Income Tax Act, 1961 by the Finance Act, 2021 applied prospectively from 01.04.2021. The decision emphasized the distinction between employees' and employer's contributions, granting deduction if the employee's contribution was made before the income tax return due date. The additions under section 36(1)(va) were deleted, allowing rectification by the Revenue. Case-Laws Income Tax Tue, 21 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417777