https://www.taxtmi.com/caselaws?id=426321 The Tribunal allowed all appeals filed by the assessees, holding that the disallowance of employees' contribution to PF/ESIC was not justified. It emphasized that the legislative intent was to allow expenditure only when payments were actually made, and belated payments should not be treated as deemed income of the employer. The Tribunal clarified that the amendment by the Finance Act, 2021, would apply prospectively and not to the assessment year in question. The assessees were granted relief, with the option for the Revenue to seek restoration if contributions were not timely deposited. en-us Mon, 20 Jun 2022 00:00:00 +0530 Sat, 20 Aug 2022 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426321 The Tribunal allowed all appeals filed by the assessees, holding that the disallowance of employees' contribution to PF/ESIC was not justified. It emphasized that the legislative intent was to allow expenditure only when payments were actually made, and belated payments should not be treated as deemed income of the employer. The Tribunal clarified that the amendment by the Finance Act, 2021, would apply prospectively and not to the assessment year in question. The assessees were granted relief, with the option for the Revenue to seek restoration if contributions were not timely deposited. Case-Laws Income Tax Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426321