https://www.taxtmi.com/caselaws?id=419344 The tribunal ruled in favor of the appellant, overturning the addition under Profits & Gains from business for employees' ESI contribution not paid on time. It held that deductions for employees' PF & ESI contributions made before the due date under section 139(1) of the Income-tax Act were allowable. The tribunal emphasized that the Finance Act, 2021 amendments were prospective and not retrospective, citing relevant case law. The decision aligned with previous tribunal orders and the jurisdictional High Court precedent, granting the appellant relief and allowing the appeal. en-us Mon, 07 Mar 2022 00:00:00 +0530 Wed, 09 Mar 2022 08:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419344 The tribunal ruled in favor of the appellant, overturning the addition under Profits & Gains from business for employees' ESI contribution not paid on time. It held that deductions for employees' PF & ESI contributions made before the due date under section 139(1) of the Income-tax Act were allowable. The tribunal emphasized that the Finance Act, 2021 amendments were prospective and not retrospective, citing relevant case law. The decision aligned with previous tribunal orders and the jurisdictional High Court precedent, granting the appellant relief and allowing the appeal. Case-Laws Income Tax Mon, 07 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419344