https://www.taxtmi.com/caselaws?id=431433 The Tribunal allowed the appeal, deleting the disallowance of Rs. 47,51,831/- for employees' contribution to Provident Fund and ESIC under Section 36(1)(va) of the Income Tax Act. The Tribunal held that the adjustment made during the return processing under Section 143(1) was legally flawed, citing binding judicial precedents, the prospective nature of the Finance Act, 2021 amendment, and the principle of adopting the view favorable to the assessee. The Tribunal emphasized the Assessing Officer's failure to provide specific reasons for rejecting the objections, stressing the quasi-judicial nature of the function. en-us Tue, 30 Aug 2022 00:00:00 +0530 Mon, 12 Dec 2022 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431433 The Tribunal allowed the appeal, deleting the disallowance of Rs. 47,51,831/- for employees' contribution to Provident Fund and ESIC under Section 36(1)(va) of the Income Tax Act. The Tribunal held that the adjustment made during the return processing under Section 143(1) was legally flawed, citing binding judicial precedents, the prospective nature of the Finance Act, 2021 amendment, and the principle of adopting the view favorable to the assessee. The Tribunal emphasized the Assessing Officer's failure to provide specific reasons for rejecting the objections, stressing the quasi-judicial nature of the function. Case-Laws Income Tax Tue, 30 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431433