Assessing Officer disallowed expenditure with respect to employee’s contribution towards PF/ESI on ground that there was delay in deposition of same by assessee as per Explanation to section 36(1)(va). On appeal the Tribunal held that no disallowance could be made for assessment years prior to assessment year 2021-22 as per amendment to section 36(1)(va) brought by Finance Act, 2021 which came into effect from 1-4-2021 as same has no retrospective applicability. Since employee’s contribution regarding PF and ESI was deposited before due date of filing of return of income under section 139(1), same would be allowable under provision of section 43B of the Act. (AY. 2018-19, 2019-20)
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S. 43B : Deductions on actual payment-Employee’s contribution to ESI/PF-Deposited before due date of filing of return-No disallowance can be made-Amendment to section 36(1)(va) brought by Finance Act, 2021 which came into effect from 1-4-2021 as same has no retrospective applicability. [S. 2(24)(x), 36(1)(va), 139(1)]