https://www.taxtmi.com/caselaws?id=420942 The Tribunal allowed the appeal, overturning the order of the National Faceless Appeal Centre under the Income Tax Act for the assessment year 2017-18. The Tribunal held that Explanation-5 to section 43B was not applicable retrospectively, citing judicial precedents in favor of the assessee. The timely deposit of employees' contribution to PF and ESI fund before filing the return of income supported the assessee's case. Consequently, the addition made by the lower authorities was deleted, and the appeal of the assessee was successful. en-us Wed, 02 Mar 2022 00:00:00 +0530 Thu, 14 Apr 2022 08:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420942 The Tribunal allowed the appeal, overturning the order of the National Faceless Appeal Centre under the Income Tax Act for the assessment year 2017-18. The Tribunal held that Explanation-5 to section 43B was not applicable retrospectively, citing judicial precedents in favor of the assessee. The timely deposit of employees' contribution to PF and ESI fund before filing the return of income supported the assessee's case. Consequently, the addition made by the lower authorities was deleted, and the appeal of the assessee was successful. Case-Laws Income Tax Wed, 02 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420942