https://www.taxtmi.com/caselaws?id=765332 The Tribunal dismissed the Revenue's application to recall its previous order that favored the assessee regarding disallowance of employees' contributions to PF/ESIC under Section 36(1)(va) of the Income-tax Act. It held that the amendments introduced by the Finance Act, 2021, are prospective unless expressly stated otherwise. The Tribunal also clarified that a subsequent Supreme Court judgment does not constitute a mistake apparent from the record, limiting its power to review under Section 254(2). The decision reinforced the principle of adopting interpretations favoring the assessee when multiple reasonable constructions are possible. en-us Wed, 01 Jan 2025 00:00:00 +0530 Thu, 30 Jan 2025 08:24:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765332 The Tribunal dismissed the Revenue's application to recall its previous order that favored the assessee regarding disallowance of employees' contributions to PF/ESIC under Section 36(1)(va) of the Income-tax Act. It held that the amendments introduced by the Finance Act, 2021, are prospective unless expressly stated otherwise. The Tribunal also clarified that a subsequent Supreme Court judgment does not constitute a mistake apparent from the record, limiting its power to review under Section 254(2). The decision reinforced the principle of adopting interpretations favoring the assessee when multiple reasonable constructions are possible. Case-Laws Income Tax Wed, 01 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765332