The deletion of the second proviso to s. 43B by the Finance Act 2003 wef 1.4.2004 cannot be treated as a retrospective amendment and contributions towards PF beyond the period stipulated in s 36(1)(va) are not allowable deductions.

Note: The judgement in CIT vs. M/s Godavari Sahakari was followed. The decision of the Supreme Court in CIT vs. Vinay Cement Ltd was not followed on the ground that in dismissing the Special Leave petition therein, albeit by a speaking order, the Court had not decided the law on the subject and it was not a binding precedent.