https://www.taxtmi.com/caselaws?id=431164 The Tribunal ruled in favor of the assessee, directing the deletion of the impugned additions related to the employee's contribution to employee welfare funds. It emphasized that without a decision by the jurisdictional High Court justifying the additions, the Explanations introduced by the Finance Act, 2021 could not be applied retrospectively. The Tribunal highlighted the limited scope of adjustment under section 143(1) and the need for factual information rather than judicial opinions in such cases, ultimately ensuring a fair hearing for the assessee and clarifying the prospective nature of the Explanations for the relevant assessment years. en-us Wed, 28 Sep 2022 00:00:00 +0530 Wed, 07 Dec 2022 10:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431164 The Tribunal ruled in favor of the assessee, directing the deletion of the impugned additions related to the employee's contribution to employee welfare funds. It emphasized that without a decision by the jurisdictional High Court justifying the additions, the Explanations introduced by the Finance Act, 2021 could not be applied retrospectively. The Tribunal highlighted the limited scope of adjustment under section 143(1) and the need for factual information rather than judicial opinions in such cases, ultimately ensuring a fair hearing for the assessee and clarifying the prospective nature of the Explanations for the relevant assessment years. Case-Laws Income Tax Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431164